We’re in Big Mess, Shettima Declares on Economy

•Challenges presidential committee on fiscal policy, tax reforms

Deji Elumoye in Abuja

Vice President Kashim Shettima, yesterday, declared that Nigeria was in a difficult economic situation. Shettima charged members of the Presidential Committee on Fiscal Policy and Tax Reforms to develop a robust roadmap that would transform the economy and take the country out of the woods.

The vice president gave the advice, when he received in audience members of the committee led by the chairman, Mr. Taiwo Oyedele, at State House, Abuja.

Shettima told the committee, “The task before you is enormous, I believe you have the best brains to come up with a robust roadmap that will reposition our economy, addressing some of the fundamental issues underlying our fiscal and tax policies. Fiscal and tax policies are key to the realisation of any nation’s economic development.

“I believe you will come up with a roadmap to salvage our nation, we are in a big mess, but I have confidence in your team. This is a great nation chained by poor governance, chained by many challenges and my principal is a man of courage and conviction, he is a progressive man in the Nigerian political space.”

The vice president noted that fiscal policy and tax reforms were a potent tool for resource mobilisation. He charged the committee to make recommendations that would be quick deliverables in view of the current economic realities.

While assuring the committee of the National Economic Council’s cooperation, Shettima said, “Our focus should largely dwell on domestic resource mobilisation, especially, with trends in the world today, even the biggest economies in the world are faced with this reality.”

Shettima said fiscal policy and tax reforms were critical in meeting national aspirations, and this was taking global dimensions, with global realignment of forces, like the emergence of BRICS and other geo-political unions.

He praised the composition of the committee, stating, “I think the composition of this committee bears testimony to the seriousness that the president attaches to your mandate.  Honestly, I am proud of you. I am personally conversant with some of the members of this committee, who are men and women of impeccable character, high integrity, committed and patriotic.”

Earlier, Special Adviser to the President on Revenue, Zaccheus Adedeji, revealed that the presidential committee would be interested in working with the National Economic Council (NEC), chaired by Shettima, “to ensure effective collaboration with the sub-national governments that are critical stakeholder groups in the task before the committee.”

Committee chairman, Oyedele, said members of the committee were “excited for this opportunity to help our country to redefine, redesign a new fiscal policy framework that is fit for our nation to thrive and deliver the Nigeria we want in order for our people to flourish in their endeavours.

“We are laser focused on our mandate as directed by Mr. President, which covers fiscal governance, revenue transformation and fiscal competitiveness and economic growth facilitation.”

He assured the vice president that the committee would engage with Nigerians both at home and abroad as well as with all segments of the society.

Oyedele also expressed the readiness of the committee to engage with sub-national governments through NEC in achieving its mandate.