Amid the economic hardships faced by Nigerians, the Federal Government has expressed empathy for its citizens, particularly the poor.
Vice President Senator Kashim Shettima made this known on Monday during the 30th anniversary of the Nigerian Economic Summit in Abuja. He defended the administration’s economic policies and outlined the government’s efforts to address the nation’s economic challenges.
“Some of the policy decisions are painful, but they are almost inevitable,” Shettima stated. “My heart and that of President Bola Tinubu are with the Nigerian people. We understand the struggles of the poor and the youth, but we have limited options. While these decisions may be unpopular, the truth is often difficult for people to accept.”
Since taking office last year, President Bola Ahmed Tinubu has introduced reforms aimed at reviving the economy and attracting foreign investment. However, these measures, including the removal of the fuel subsidy and the floating of the naira, have led to soaring fuel prices and inflation reaching a 30-year high.
Last Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) raised fuel prices at the pump from approximately 610 naira per litre ($0.38) to 855 naira or more. Some private suppliers were already selling fuel at even higher prices, with some charging up to 1,200 naira per litre.
Despite these challenges, the Vice President emphasized that Nigeria’s economic growth has been unstable, largely due to its heavy reliance on oil revenue. He acknowledged the impact of global and domestic issues, including the COVID-19 pandemic, fluctuating oil prices, inflation, internal security concerns, and structural weaknesses in the economy.
“Nigeria’s growth trajectory has been volatile, dependent on oil revenue, and has not created enough jobs,” Shettima concluded.