Tinubu Deserves Praise, Not Criticism Over Economic Reforms – Shettima

Vice President Kashim Shettima on Monday defended the economic reforms of President Bola Tinubu’s administration, saying the government’s policy decisions have strengthened Nigeria’s economy and significantly increased the country’s foreign reserves.

Speaking at the Delta Economic and Investment Summit in Asaba, Shettima said the administration inherited a difficult economic environment characterised by capital flight and low external reserves but had succeeded in reversing the trend through ongoing reforms.

“From reserves of $3bn, when we were experiencing capital flight and capital scarcity. Now, we are experiencing capital inflows, so that our foreign reserves have gone up to about $52bn and counting in a turbulent world, mind you. I think the President deserves commendation and not condemnation,” he said.

The Vice President also praised Anambra State Governor, Chukwuma Soludo, for publicly supporting the Federal Government’s reform agenda and helping Nigerians understand the economic realities inherited by the Tinubu administration.

“Professor Soludo, you have done a lot of things for the Federal Government, especially by informing Nigerians where we are coming from,” Shettima said.

He further commended the Anambra governor for his position during the 2023 general elections, saying Soludo stood firm despite political pressure and had gone “against the wind.”

Shettima described the growing number of investment summits being organised by states as a positive development, noting that increased federal allocations and improved fiscal conditions had strengthened sub-national governments and enhanced their ability to attract investments.

Meanwhile, Delta State Governor Sheriff Oborevwori announced that his administration had established a 100 million US dollar Viability Gap Fund, equivalent to about ₦133.8 billion, to encourage private investment and reduce project risks in the state.

“Mr. Vice President, as I conclude my address, I am pleased to announce that the government has set aside 100 million dollars, approximately 133,800,000,000, as viability gap funding to de-risk new investments in the state,” Oborevwori said.

The governor also unveiled plans to expand agricultural investment, disclosing that more than 12,000 hectares of land had been designated for commercial farming projects.

“Investment opportunities abound in the value chain production of cassava, oil palm, rice, potato, and other cash crops. It is my pleasure to announce that in preparation for this summit, over 12,000 hectares of farmland have been marked for agricultural development for prospective investors.

“And in addition, the entire state has a coastline of one to three kilometres suitable for the development of a thriving marine economy,” he added.

The Delta Economic and Investment Summit was organised to strengthen investor confidence, promote strategic partnerships and attract both domestic and foreign investments into the state.