- Tinubu Deserves Commendation, Not Condemnation – Shettima
- Says Nigeria’s Foreign Reserves Hit $52bn
- Hails Tinubu’s Economic Reforms, Praises Soludo’s Support
Vice President Kashim Shettima has defended the economic reforms of the Tinubu administration, saying the government’s policy decisions have strengthened Nigeria’s economy, attracted capital inflows and increased the country’s foreign reserves to about $52 billion.
Eko Hot Blog reports that Shettima made the remarks on Monday while speaking at the Delta Economic and Investment Summit in Asaba.
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According to the Vice President, the administration inherited an economy grappling with capital flight, capital scarcity and low external reserves but has since reversed the trend through sustained economic reforms.
“From reserves of $3 billion, when we were experiencing capital flight and capital scarcity, we are now experiencing capital inflows, so that our foreign reserves have gone up to about $52 billion and counting in a turbulent world. I think the President deserves commendation and not condemnation,” he said.
Shettima also commended Anambra State Governor, Prof. Chukwuma Soludo, for publicly supporting the Federal Government’s reform agenda and helping Nigerians understand the economic challenges inherited by the current administration.
He praised Soludo for his stance during the 2023 general elections, describing him as a leader who stood by his convictions despite political pressure.
The Vice President further welcomed the increasing number of investment summits being organised by state governments, noting that improved fiscal conditions and higher federal allocations have strengthened sub-national governments and enhanced their capacity to attract investments.
Meanwhile, Delta State Governor, Sheriff Oborevwori, announced the establishment of a 100 million dollar Viability Gap Fund, equivalent to about ₦133.8 billion, to de-risk investments and encourage greater private sector participation in the state’s economy.
Oborevwori also disclosed that the state had earmarked more than 12,000 hectares of land for commercial agriculture, saying investors would have opportunities across the cassava, oil palm, rice, potato and other agricultural value chains.
He added that Delta State’s extensive coastline also presents significant opportunities for the development of a thriving marine economy.
The Delta Economic and Investment Summit was organised to boost investor confidence, promote strategic partnerships and attract both local and foreign investments into the state.
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