Financial Planning Under Tinubu is Guided by Strategy, Reason, and Long-term Adjustments - Shettima (This paraphrasing aims to convey the same meaning without infringing rules or using offensive language.)
Vice President Kashim Shettima said on Wednesday that budgeting under the Tinubu presidency is centered on economic transformation and sustainable growth, not just for survival. Speaking at the 15th Mechanical Engineering Distinguished Lecture organized by the Nigerian Institution of Mechanical Engineers in Abuja, he stressed on the strategic approach to budgeting, focusing on productivity, sustainability, and long-term progress.
As per our sources, Shettima highlighted several key strategies the Tinubu administration is implementing to achieve economic transformation. These strategies include:
- Elimination of Fuel Subsidies: One of the significant steps taken by the Tinubu administration is the removal of fuel subsidies, which cost around $10 billion annually. This move aims to reduce fiscal burdens, increase efficiency, and allocate resources wisely.
- Exchange Rate Unification: The administration has implemented policies to unify exchange rates, promoting currency stability, and improving forex market efficiency. This move strengthens the economy and attracts foreign investment.
- Improved Revenue Mobilization: Efforts have been made to streamline tax administration and increase revenue collection to strengthen fiscal buffers and ensure enough resources for policy implementation.
- Macroeconomic Stability: The Tinubu administration is focusing on maintaining macroeconomic stability through measures to control inflation and ensure resilient external reserves, supported by stronger oil exports and remittance inflows.
Beyond economic transformation, the administration is also implementing measures to improve accountability. These measures include:
- IMF Loan Repayment: The administration has been taking steps to repay IMF loans, with a focus on improving financial discipline and transparency.
- Restoring Investor Confidence: Economic reforms and successful repayment progress have contributed to restoring some international confidence in Nigeria's economy, which is crucial for accessing international capital markets and improving sovereign risk perceptions.
However, the administration faces challenges, especially managing global economic risks, including fluctuations in oil prices and domestic fiscal challenges. To maintain long-term fiscal sustainability, the administration needs to continue disciplined financial planning and resilient economic reforms.
Shettima emphasized that the current administration budgets with precision, approaching the budget as an engineer would a machine. This approach instills productivity, sustainability, and progress, demonstrating the Tinubu administration's commitment to nation-building through strategic and transformative budgeting.
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- Amid accusations, the Presidency has stated that President Tinubu is not a problem for the People's Democratic Party (PDP), demonstrating an assertion of political independence and authority.
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