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Nigeria’s Economy Is Stable Again – VP Shettima Declares

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Vice-President Kashim Shettima says Nigeria has exited its phase of economic instability and is now positioned as an attractive destination for global investors.

Speaking on Wednesday at the Bauchi Investment Summit 2025, Shettima said the administration of President Bola Tinubu has stabilised the economy through difficult but necessary reforms.

He said when the Tinubu administration assumed office in 2023, Nigeria’s debt service-to-revenue ratio was about 100 percent, pushing the economy to the brink.

His words: “Today, our debt service-to-revenue ratio has dropped to less than 50 percent, while GDP growth stands at 4.23 percent.

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“Our non-oil revenues grew by 411 percent year-on-year as of last month, and our tax-to-GDP ratio now stands at 13.5 percent, up from barely 7 percent a few years ago.

“Our debt-to-GDP ratio remains at 38.8 percent — far below the fiscal threshold — and external reserves have grown to $43 billion as of September 2025.”

The vice-president said Nigeria’s improved fiscal performance reflects the government’s resolve to eliminate structural bottlenecks and foster economic resilience.

“You cannot guarantee enduring growth without stability. It was this conviction that inspired our bold reforms to harmonise the exchange rate regime and dismantle the fuel subsidy structure, which had become an avenue for rent-seeking and corruption,” he stated.

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Shettima added that the administration’s priorities include job creation, food security, value-chain development, and harnessing the economic potential of subnational governments.

He said Bauchi State has the capacity to drive investments in agriculture, solid minerals, renewable energy, and tourism through its abundant resources and strategic location.

“The federal government remains resolute in ensuring security across the nation because no economy can thrive where fear replaces freedom,” he said.

The vice-president commended Governor Bala Mohammed for hosting the investment summit, describing it as a model for subnational economic renewal.

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He urged participants to “move beyond talk and commit to concrete memoranda of understanding, set timelines, and appoint implementation teams” to ensure tangible results.

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PHOTOS: FCT Minister, Wike, inspects ongoing construction of Interchange Bridge, Road linking Maitama, Gishiri, Jahi with Gwarinpa today

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The Minister of FCT today inspected ongoing construction of Interchange Bridge, Road linking Maitama, Gishiri, Jahi with Gwarinpa today

The Minister of FCT, Nyesom Wike today, Friday inspected ongoing construction of Interchange Bridge, Road linking Maitama, Gishiri, Jahi with Gwarinpa.

The project is titled; Full scope development of Arterial Road N16 (Shehu Shagari Way) from Ring Road II to Ring Road III with Two Interchange Bridges at N16/RRII and N16/RIII intersections.

The portion from RRI to Arterial Road N20 (Solomon Lar Way) within Katampe District was developed and commissioned by President Bola Ahmed Tinubu, to mark 2nd year Anniversary of his Administration.

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The portion from N20 to RRII is being developed under Jahi District Infrastructure Project, leaving the undeveloped portion from RRIII to Arterial Road N40 to link the road that leads to the Renewed Hope Estate in Karsana Districts.

The portion of this Arterial Road N16 under reference traverses the Gwarimpa Housing Estate and this segment of the road when developed will provide access to the Gwarimpa Housing Estate located within Bunkoro and Wupa Districts as well as Sector Center E which is the hub of commercial and social activities comprising group of four districts namely; Gwarimpa II – C03, Kafe – C05, Wupa – C15 and Bunkoro – C18 Districts in Phase III of the Federal Capital City.

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“Why I dumped PDP for APC “- Rivers Speaker, Amaewhule

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The Speaker of Rivers State House of Assembly, Hon Martin Amaewhule, on Friday gave reasons why he dumped the Peoples Democratic Party (PDP) for the All Progressives Congress (APC).

“The major reason for leaving the PDP is because of the division in the PDP,” Amaewhule, who represents Obio-Akpor I constituency, told the lawmakers on Friday.

He commended President Bola Tinubu for some programmes embarked upon by his administration that have benefited Nigerians, especially Rivers people.

According to the Speaker, his defection would enable him to partner with President Tinubu for the overall good of the Rivers people.

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Amaewhule said, “Distinguished colleagues, let me happily announce to honourable members that your Speaker, Rt Hon Martin Chike Amaewhule, has decided and has indeed written to my Ward Chairman, Mr Osondo Orlu, of my decision to leave the Peoples Democratic Party.

“APC is my new party. I will do all that is needed to be done towards ensuring that the party card of the All Progressives Congress is issued to me in no time. I am happy to be a member of the APC so that we can join forces with Mr President. He is doing so much for this country.

“President Bola Ahmed Tinubu means well for Nigeria. He is tackling issues of security headlong. The President has shown love to Rivers State; he is helping Rivers people to be part of the governance of this country. I am so delighted to be part of the APC so we can support the President right inside the All Progressives Congress.”

Amaewhule defected along with 15 other members of the House on Friday.

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Others who dumped the PDP were the Deputy Speaker, Dumle Maol (Gokana), Major Jack (Akuku-Toru), Linda Stewart (Okrika), Franklin Nwabochi (Ogba/Egbema/Ndoni), Azeru Opara (Port Harcourt 3), Smart Adoki (Port Harcourt 2), Enemi George (Asari-Toru 2), and Solomon Wami (Port Harcourt 1).

Also included were Igwe Aforji (Eleme), Tekena Wellington (Asari-Toru 1), Looloo Opuende (Akuku-Toru 2), Peter Abbey (Degema), Arnold Dennis (Ogu/Bolo), Chimezie Nwankwo (Etche), and Ofiks Kabang (Andoni).

Since returning to civil rule in 1999, the PDP has maintained a tight grip on the oil-rich Rivers state, until the protracted crisis rocked the state, which pitched the lawmakers against Governor Siminalayi Fubara.

The crisis led to the partial demolition of the State Assembly complex by forces allegedly loyal to Fubara as well as the attempted moves to impeach the governor by the lawmakers loyal to the FCT Minister, Nyesom Wike.

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Worried by the development, President Bola Tinubu waded in to douse the tensions and declared a state of emergency on March 18.

The emergency declaration led to the suspension of Governor Fubara and his deputy, Ngozi Odu and the lawmakers.

At the expiration of the exercise, he reinstated Fubara, his deputy and the lawmakers on September 17.

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Finally Rivers Speaker, 15 Other Assembly Members Dump PDP , join APC

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The Speaker of the Rivers State House of Assembly, Martin Amaewhule, defected along with 15 other members of the House on Friday.

Speaker of Rivers State House of Assembly, Martin Amaewhule

The Speaker of the Rivers State House of Assembly, Martin Amaewhule, defected to the All Progressives Congress.

Amaewhule defected along with 15 other members of the House on Friday.

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The House of Assembly is currently in session with the defectors blaming their departure from the Peoples Democratic Party (PDP) on the crisis in the party.

Others who dumped the PDP were the Deputy Speaker, Dumle Maol (Gokana), Major Jack (Akuku-Toru), Linda Stewart (Okrika), Franklin Nwabochi (Ogba/Egbema/Ndoni), Azeru Opara (Port Harcourt 3), Smart Adoki (Port Harcourt 2), Enemi George (Asari-Toru 2), and Solomon Wami (Port Harcourt 1).
Also included were Igwe Aforji (Eleme), Tekena Wellington (Asari-Toru 1), Looloo Opuende (Akuku-Toru 2), Peter Abbey (Degema), Arnold Dennis (Ogu/Bolo), Chimezie Nwankwo (Etche), and Ofiks Kabang (Andoni).

Details shortly…

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