Amid rising economic challenges in Nigeria, the Federal Government has expressed empathy for the hardships faced by citizens, especially the poor.
Vice President Senator Kashim Shettima made this known in Abuja on Monday during the 30th anniversary of the Nigerian Economic Summit.
He defended the administration’s economic policies, emphasizing the difficult but necessary steps being taken to improve the economy.
“Some of the policy decisions, the policy options available are painful, but they are almost inevitable,” Shettima stated. “My heart and the heart of President Bola Tinubu go to the Nigerian people. We empathise with what the poor and the young are going through in the Nigerian nation, but we have no option. Some of these decisions are unpopular, but the truth is most often the truth that men prefer not to hear.”
Since President Bola Ahmed Tinubu assumed office last year, the government has implemented reforms aimed at reviving the economy and attracting foreign investment.
However, Nigerians have been burdened by skyrocketing fuel prices and inflation, which recently hit a three-decade high. These developments followed the removal of the fuel subsidy and the decision to float the naira.
Last week, the Nigerian National Petroleum Company Limited (NNPCL) increased fuel prices at the pump from around 610 naira per litre ($0.38) to 855 naira per litre or higher. Some private suppliers have raised prices further, with reports of fuel being sold at 1,200 naira per litre.
The hike came shortly after NNPC admitted to financial difficulties in maintaining fuel supplies.
Despite these challenges, Vice President Shettima highlighted the broader economic struggles faced by the country, noting that Nigeria’s growth trajectory has been unstable due to its reliance on oil revenue.
“Like many other nations, Nigeria has experienced significant economic problems over the past few years. The challenges have been global as well as domestic, ranging from the COVID-19 pandemic and fluctuating oil prices to internal security issues, inflation, and structural weaknesses in our economy,” he explained. “Nigeria’s growth trajectory has been volatile, heavily dependent on oil revenue and unable to create enough jobs.”
