Kehinde Fajobi
The Federal Government has expressed empathy for Nigerians facing increasing economic challenges, particularly the poor, as it implements reforms aimed at reviving the economy.
Vice President Senator Kashim Shettima, speaking at the 30th anniversary of the Nigerian Economic Summit in Abuja on Monday, acknowledged the difficulties caused by recent policies but emphasised their necessity.
“Some of the policy decisions, the policy options available are painful, but they are almost inevitable,” Shettima said.
“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 coming into office last year, President Bola Ahmed Tinubu has introduced reforms designed to improve the economy and attract foreign investment. However, these changes have led to soaring fuel prices and inflation reaching a three-decade high. The situation worsened after the government removed the fuel subsidy and floated the naira, resulting in significant price hikes.
Last week, the Nigerian National Petroleum Company Limited (NNPCL) increased fuel prices from around ₦610 per litre to ₦855 per litre, with some private suppliers selling fuel at ₦1,200 per litre. This came amid NNPCL’s admission of financial difficulties in maintaining fuel supplies.
Shettima defended the administration’s actions, explaining that Nigeria’s economic growth has been inconsistent due to its reliance on oil revenue.
“Like many other nations, Nigeria has experienced significant economic problems over the past few years,” he said.
“The challenges have been global as well as domestic, ranging from the COVID-19 pandemic and fluctuations in oil prices to internal security issues, inflation, and structural weaknesses in our economy. Nigeria’s growth trajectory has been volatile, heavily dependent on oil revenue and unable to create enough jobs.”
Despite these challenges, the vice president reiterated the government’s commitment to pushing through necessary reforms to stabilise the economy and improve the lives of Nigerians in the long run.