What Tinubu’s administration is doing to eradicate ‘scarcity of funds’ syndrome from governance in Nigeria – Shettima


Vice-President Kashim Shettima says the policies being introduced by the administration of President Bola Tinubu are already yielding results.

Shettima spoke in Abuja on Tuesday at the opening of the ongoing 16th annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN).

The theme of this year’s Conference is  “Nigeria’s Economic Growth and Empowerment: The Role of the Financial Services Industry”

The vice-president said the federal and state governments are now enjoying more substantial allocations.

In July, after the removal of the petrol subsidy, the Federation Account Allocation Committee (FAAC) shared a record N907 billion out of the N1.9 trillion revenue generated with the three tiers of government.

“These funds promise a direct and positive impact on the lives of our citizens. Without the serially unaccounted fuel subsidies, we can now redirect our savings towards more deserving causes,” he said.

“We envision a future where no leader can resort to the tired excuse of ‘scarcity of funds’ to evade completion of projects or delayed salary payments.

“Nigeria is crafting a story where the welfare of our people takes precedence, and financial accountability reigns supreme.”

Shettima said the government needs the cooperation of stakeholders to enhance the economy.

“We cannot take your support for granted. This journey towards economic rejuvenation is not one to be undertaken in isolation,” he said.

“It is a call to forge robust partnerships with strategic nations and multilateral organisations, for in unity, Nigeria can reposition itself as a formidable, globally competitive partner.”

On his part, Ken Opara, president of CIBN, commended the federal government on the initiatives that have been taken so far.

“The reform initiatives such as subsidy removal, unifying the foreign exchange regime, investing in infrastructure, promoting agriculture, supporting SMEs and tax reforms, among others, if well implemented will unlock the economic potentials of the country,” he said.