COMPLICATIONS IN THE ECONOMIC SYSTEM: Saboteurs working against us, – VP


The Federal Government has stated that certain persons are seeking to sabotage President Bola Tinubu’s attempts to revitalize Nigeria’s economy.

Sen. Kashim Shettima, the Vice President, made the announcement at the Public Wealth Management Conference in Abuja yesterday.

Smugglers and politicians were blamed for attempting to bring the nation backward.

The VP said that 45 trucks filled with maize were stopped on their route to neighboring nations around midnight on Sunday.

He stated, “We are aware of the consequences of revealing the masquerade.” Forces are determined to plunge the country into anarchy. Those who could not gain power at the ballot box. They are so desperate that they are willing to let this country come apart rather than wait until 2027. But we are going to pay them a visit.


“Just three nights ago, 45 trucks of maize were caught being transported into a neighboring country. There are 32 illegal routes.  

“At the moment, when they were intercepted, the price of maize fell by N10,000, from N60,000 to N50,000. So there are forces that are hell bent on undermining our nation, but this is the time for us to come together.”

“Rally round our President, rally round our governors, and rally round each other. We have the resources, we have the intellect, and we have the resources. I am assuring you that we have crossed the rubicon. We are on the way to improved economic performance. Let’s unite. What binds us together supersedes whatever that divides us.

“We have to make this country work. We have to move beyond politics, we are now in a place of governance. Sadly, sadly, some of our countrymen are still in the political mud.  

“They are the practitioners of violence, advocating that Nigeria, our one and only country should go the Venezuela way. Some are advocating that we should go the Lebanon way.  

But Nigeria is greater than any one of us here. Nigeria will weather the storm” he added.

FG saving N1 trn monthly from FAAC

VP Shettima disclosed that the administration has been saving N1 trillion monthly since.coming on board.

His words, “Guess what, after coming on board, our revenue for sharing in FAAC was N1.9 trillion.

  “In order not to overheat the economy, we had to warehouse N1 trillion and share N900 billion.  

“We are not altogether in a very bad shape compared to the FX challenge. All hands are on deck to address the FX challenge.

The vice president acknowledged that Nigerians were facing hardships and urged patience, expressing hope that things would improve shortly. Changes for the better.

FG will audit N23 trillion Ways and Means – Edun.

In his speech, Wale Edun, Minister of Finance and Coordinating Minister for the Economy, said that the Federal Government will examine the N23 trillion Ways and Means. Ways and Means refers to money borrowed by the federal government from the Central Bank of Nigeria (CBN).

According to the minister, the decision to audit the federal government’s debt to the CBN was made to avoid forcing the federal government to pay for cash it did not spend.

The minister stated that the administration is working hard to make the Nigerian business environment more appealing to investors by removing all superfluous levies.

Mr. Edun also stated that all Government Owned Enterprises (GOEs) will be required to improve their income production capabilities.

Furthermore, he stated that Nigerian National Petroleum Corporation Limited has been instructed to increase oil output in order to boost the country’s oil earnings.

MOFI launches N100 billion Project Preparation Fund to encourage investors.

Meanwhile, the Ministry of Finance Incorporated (MOFI) established a N100 billion project preparation fund to boost investment in Nigeria.

Mr Amstrong Takang, MOFI’s Managing Director/Chief Executive, announced this during his speech at the conference.

Mr. Takang stated that MOFI, the custodian of federal government investment assets, was taking many steps to boost the value of such assets. According to him, the conference will promote stakeholder engagement by allowing for the exchange of thoughts, experiences, and best practices in public asset management.

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