Vice President Kashim Shettima has declared that President Bola Ahmed Tinubu’s administration deserves commendation rather than condemnation for implementing bold economic reforms, attributing the steady growth in Nigeria’s foreign reserves to the structural shifts initiated by the government.
Speaking on Monday at the Delta Economic and Investment Summit in Asaba, Delta State, the Vice President commended Anambra State Governor Chukwuma Soludo for publicly backing the administration’s economic policies and educating citizens on the economic baseline inherited by the current government.
Key Operational Highlights
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Foreign Reserve Growth: VP Shettima highlighted that strategic reforms have turned capital flight into net capital inflows, pushing Nigeria’s foreign reserves from a depleted $3 billion up to approximately $52 billion and counting amidst global economic uncertainties.
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Praise for Soludo: The Vice President lauded Governor Chukwuma Soludo for his objective stance and national perspective, noting that the Anambra governor “went against the wind” during the 2023 elections to prioritize national economic reality.
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Sub-National Fiscal Health: Shettima noted that increased federal allocations and sub-national investment summits demonstrate healthy economic competition among states, giving state governments a stronger foundation to drive regional development.
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Delta State Investment Push: The event also saw Delta State Governor Sheriff Oborevwori announce a $100 million viability gap fund to de-risk private investments and spur industrialization across the state.
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│ DELTA ECONOMIC SUMMIT & REFORMS REVIEW MATRIX │
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│ • Event : Delta State Economic and Investment Summit, Asaba │
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│ • Key Speaker : Vice President Kashim Shettima │
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│ • Reserve Shift : Rebounded from $3B (capital flight) to $52B+ │
│ (foreign reserve inflows). │
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│ • Key Endorsements : Prof. Chukwuma Soludo (Anambra Governor) lauded │
│ for clarifying national economic fundamentals. │
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│ • Core Conclusion : Bold fiscal policies require patience and merit │
│ national support, not condemnation. │
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“From $3bn In Reserves to $52bn and Counting”
Addressing political leaders, captains of industry, and international investors gathered in Asaba, Vice President Shettima emphasized the tangible impact of the ongoing fiscal adjustments:
“Professor Soludo, you have done a lot of things for the Federal Government, especially by informing Nigerians where we are coming from. 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.” — Vice President Kashim Shettima
The Vice President reiterated that the Federal Government remains committed to fostering an enabling environment for private capital, regional enterprise, and sustainable sub-national growth across all geopolitical zones.
Ayodele Quadri
Correspondent
