Economic Hardship: Hinders Working Against Us, Says VP Shettima

The Federal Government has said that some people are working to undermine the efforts of the President Bola Tinubu administration to revamp the Nigerian economy.

The Vice President, Sen. Kashim Shettima disclosed this at the Public Wealth Management Conference, in Abuja, yesterday.

Pointed accusing fingers at smugglers and politicians as brains behind the attempt to pull the nation backward.

The VP disclosed that 45 trucks loaded with maize were intercepted while making their way to neighbouring countries at midnight on Sunday.

According to him, “We know the consequences of unveiling the masquerade. Forces are hell bent on plunging this country into a state of anarchy. Those, that could not get into power through the ballot box. Instead of waiting for 2027, they are so desperate; this country can fall apart as far as they are concerned. But we are going to visit them.

Saboteurs

“Just three nights ago, 45 trucks of maize were caught being transported into a neighbouring country. There are 32 illegal routes.

“At the moment, when they were intercepted, the price of maize fell by N10,000, from N60,000 to N50,000. So there are forces that are hell bent on undermining our nation but this is the time for us to come together.”

“Rally round our President, rally round our governors, and rally round each other. We have the resources, we have the intellect, and we have the resources. I am assuring you that we have crossed the rubicon. We are on the way to improved economic performance. Let’s unite. What binds us together supersedes whatever that divides us.

“We have to make this country work. We have to move beyond politics, we are now in a place of governance. Sadly, sadly, some of our countrymen are still in the political mud.

“They are the practitioners of violence, advocating that Nigeria, our one and only country should go the Venezuela way. Some are advocating that we should go the Lebanon way.

But Nigeria is greater than any one of us here. Nigeria will weather the storm” he added.

FG Saving N1trn Monthly From FAAC

VP Shettima disclosed that the administration has been saving N1 trillion monthly since.coming on board.

His words, “Guess what, after coming on board, our revenue for sharing in FAAC was N1.9 trillion.

“In order not to overheat the economy we had to warehouse N1 trillion and share N900 billion.

“We are not altogether in a very bad shape than the FX challenge. All hands are on deck to address the FX challenge.

The vice president admitted Nigerians were passing through challenges and appeal for patience, as he expressed confidence that thing would soon cha.nge for the better.

FG To Audit N23trn Ways &Means – Edun

In his address, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed that the Federal Government would audit the N23 trillion Ways and Means. Ways and Means is the expression for money borrowed by the federal government from the Central Bank of Nigeria (CBN).

According to the Minister, the decision to audit the federal government debt to the CBN was to ensure that the federal government was not made to pay for funds it did not spend.

The Minister said that the administration was working hard to make the Nigerian business space more attractive to investors by eliminating all unnecessary taxes.

Mr. Edun also said all Government Owned Enterprises (GOEs) would be made to up their game in revenue generation.

In addition, Nigerian National Petroleum Corporation Limited, he disclosed has been asked to improve oil output with a view to increasing oil revenue in the country.

MOFI Launches N100bn Project Preparation Fund to attract investments

Meanwhile, the Ministry of Finance Incorporated (MOFI) launched a N100bn project preparation fund to stimulate investments in Nigeria.

The Managing Director/Chief Executive of MOFI, Mr Amstrong Takang, disclosed this in his remarks at the conference.

Mr. Takang said MOFI, the custodian of federal government investment assets was undertaking several to increase the value of such assets. According to him, the conference would foster collaboration among stakeholders, facilitating the exchange of insights, experiences, and best practices in managing public assets.