Shettima defends N68tn budget, rejects calls for leaner fiscal planning

Vice President Kashim Shettima, representing the administration's economic vision, has firmly defended the proposed N68 trillion budget, rejecting calls for a leaner fiscal approach. Speaking at a National Policy Dialogue in Abuja, Shettima emphasized that Nigeria's budgeting system requires far-reaching reforms to become more realistic, disciplined, and development-driven, directly supporting President Bola Tinubu's economic agenda.

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At this very time, it was a very important topic for the moment and for the time to come in view of President Tinubu’s great vision for the people of Nigeria, according to the renewed agenda of Mr President.

Echoing the President's vision, Shettima argued that budgets should not only be people-focused but also ambitious. This perspective informed the recent adjustment of the 2026 fiscal budget, underscoring a commitment to growth that enhances living standards, reduces poverty, and increases per capita income. The administration believes that robust fiscal planning is a national imperative, not a rigid adherence to outdated economic models, but a nuanced, data-driven approach that translates into tangible economic well-being for Nigerians.

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Also, it asks how can our budgets be impacted more positively by these plans and how do we institute a path towards sustainable growth, which not only focuses on the annual trajectory of our domestic product GDP, but also focuses on the improvement of standards of living of our people as measured by reduction in poverty rates and the rise in per capita income.

Furthermore, Shettima highlighted recent policy measures, such as tariff reductions on essential raw materials, pharmaceuticals, and manufacturing equipment, as deliberate steps to stimulate productivity and alleviate pressure on citizens. These actions signal the government's deep care for the populace and its intention to foster higher productivity in critical sectors. The dialogue underscored the critical juncture Nigeria's economy is at, with a clear focus on sustainable growth and improved living standards for all.

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Many tariffs on essential raw materials and other similar products were reduced to the benefit and further benefit of the citizenry. Tariffs on essentials, raw materials and other similar products were reduced, adding that duty on pharmaceuticals, fabric, machinery, and some specific manufacturing equipment have also been removed with a view to encouraging higher productivity in critical sectors.