VP Shettima

*Says president engineering a nation that will work for generations to come

The Vice President, Senator Kashim Shettima, has said the difficult but very crucial decisions taken by the administration of President Bola Ahmed Tinubu are targeted at engineering an economy that works for the Nigerian people.

According to him, like Engineers who must rely on the power of numbers with consumate exactitude, efficiency, and alignment, the administration is taking accurate measurement of revenues, deficits and prospects to move the nation forward.

The Vice President who spoke on Wednesday during the 15th Mechanical Engineering Distinguished Lecture (MEDL) at the Shehu Yar’Adua Centre, Abuja, likened the art of governance to the dexterity of engineers who work with machines and structures to transform theories into measurable outcomes.

“His Excellency, President Bola Ahmed Tinubu, is himself a man of numbers. An accountant extraordinaire, a thinker grounded in the discipline of evidence, and a leader governed by the clarity of facts.

“He understands the peril of building policies on the sands of assumption. He knows, as you do, that the nation cannot move forward without accurate measurement of its revenues, its deficits, and its prospects,” the VP stated.

Reflecting on the theme of the Lecture,  “The Imperative of Engineering Strategies for the Planning of National Budget,” Senator Shettima said it aligns with the thinking being institutionalised by the Tinubu administration, which he said is not just budgeting for survival but also for transformation and reality.

“We are budgeting for transformation. We are building systems that speak to productivity, to sustainability, and to prosperity,” he added.

For President Tinubu, the Vice President said, it is the “fidelity to facts that has guided his difficult but necessary decisions to fix the Nigerian economy”.

He continued: “From confronting the longstanding subsidy regime that had become an enduring shackle around the nation’s ambitions, to facing the grim realities of a debt-to-revenue ratio that threatened the very foundation of our fiscal stability.

“These are not decisions of convenience. They are decisions of courage. They are born of a commitment to engineer a nation that works for its people,” he maintained.

Delivering the 15th Mechanical Engineering Distinguished Lecture, Senator Iyiola Omisore, spoke about current efforts and opportunities across diverse areas of the Nigerian economy, particularly, energy and power generation; oil and gas; automotive, aerospace and aviation; construction and infrastructure development, as well as healthcare and security.

He noted the tremendous potential for socio-economic development in the country and the need for government, in collaboration with other stakeholders like the Institution of Mechanical Engineers, to address challenges and seize existing opportunities to achieve sustainable development and inclusive growth.

On his part, Chairman of the occasion, Chief Bisi Akande, emphasized the impact of engineering on national development, urging leaders to sustain current efforts to maintain integrity and professionalism in the industry.

Akande noted trends in the profession, just as he highlighted the impact of digital technology on engineering practice and urged practitioners to embrace the paradigm shift in order to remain relevant in the industry.

On her part, the President of the Nigerian Society of Engineers (NSE), Engr. Margaret Oguntala, who was represented by a former president of NSE, Engr. Kashim Abdul Ali, said the theme of the 15th Mechanical Engineering Distinguished Lecture, aligned with the reality in the polity.

He noted that an era of complex challenges amidst declining resources require a meticulous re-examination of national priorities and optimal utilization of scarce resources, deploying engineering expertise.

He commended the commitment and contributions of the leadership of the Nigerian Institution of Mechanical Engineers (NIMechE), urging the body to make its impact felt across the entire engineering sector in the country.

In his remarks, the National Chairman NIMechE, Engr. Alhassan Mohammed, said the event provides a platform for interaction among professionals on a topic that resonates with the realities in the polity, specifically the practice of mechanical engineering in Nigeria.

He urged participants at the event to reflect deeply on engineering practice in Nigeria, particularly how engineering can be embedded in the country’s national development plans and targets.

Also present at the event were the Minister of Marine and Blue Economy, Gboyega Oyetola; Minister of State, Finance, Dr Doris Uzoka-Anite; Minister of State for Health and Social Welfare, Dr Iziaq Salako, and the former governor of Ondo State, Dr Olusegun Mimiko, among others.

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Economic Reforms Deliver Growth, Spur Investor Confidence- Bagudu

Economic Reforms Deliver Growth, Spur Investor Confidence- Bagudu

Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, says Nigeria’s economy is witnessing a significant turnaround, driven by bold reforms, improved coordination, and a renewed focus on national priorities.

In a feature interview for an upcoming TV documentary marking President Bola Ahmed Tinubu’s second anniversary, the Minister declared that the government’s “Renewed Hope Agenda” is working and winning over investors at home and abroad.

“This is two years well spent,” Bagudu confidently stated, reaffirming the government’s commitment to the economic reforms.

“Mr President confronted Nigeria’s economic realities with bold and necessary choices—tough as they might be—and those measures are now yielding results.”

Bagudu noted that the reform-driven economy has seen four consecutive quarters of GDP growth, exchange rate stability, and a resurgence in private sector confidence.

“We have seen four quarters of successive economic growth, stability in foreign exchange, and appreciation by Nigerians and the international community. Rating agencies have consistently appreciated what we are doing,” he said.

He added that foreign and domestic investors have responded positively to the government’s economic agenda, particularly agriculture, energy, and infrastructure.

“We have seen investors from Brazil, Belarus, and Saudi Arabia increasingly entering our agricultural space. The world economic community and multilateral institutions are putting more faith in our economy.”

According to the Minister, this renewed interest stems from the administration’s commitment to credibility, transparency, and structural change.

“Investors want to see good policy—can I get paid back? Are the numbers credible? Is the environment transparent? That’s why they appreciate when they see quarterly GDP growth,” he said.

“For the first time in 25 years, Nigeria is refining oil. Mr President was courageous enough to allow crude sale in naira to our refiners. This is a testament to his belief in our economy.”

Bagudu described removing fuel subsidies and unifying the foreign exchange market as transformative decisions restoring fiscal sanity.

“We were losing 5% of our GDP on fuel subsidy—money going to just a few,” he said. “Mr. President took the courageous step to end it.”

“The foreign exchange reform removed uncertainty and favouritism. We now have a fair market—willing buyer, willing seller—which has generated revenue growth and boosted private sector confidence.”

Bagudu said the 2024 and 2025 budgets balance fiscal responsibility and strategic investment in priority sectors.

“We have increased spending in health, education, infrastructure, security, and technology. The 2024 budget achieved significant deficit reduction, and more importantly, it showed that we are serious—and the markets believed us.”

He emphasised President Tinubu’s respect for the rule of law, even in managing inherited debt and Central Bank financing.

“Mr President inherited ₦22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence. That discipline is earning us credibility globally.”

The Minister credited the Presidential Economic Coordination Council and the Economic Management Team—led by President Tinubu and Coordinating Minister for the Economy, Wale Edun—with ensuring coherent, results-driven governance.

“This is teamwork. The President is the chief coordinator. He understands the global economic context, and the private sector respects him. We’re not just doing government-to-government coordination—the private sector is part of this reform effort.”

While acknowledging that the reforms may feel challenging in the short term, Bagudu likened the process to a necessary fitness regimen.

“Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming.

“Mr President is saying: ‘I’m ready to take the pain so our children and grandchildren will inherit a more prosperous Nigeria.’ This isn’t just economic reform—it’s a moral responsibility,” Bagudu added.