Vice President, Kashim Shettima has said that the government will continue with its economic reforms, despite the hardship induced on millions of Nigerians.
The VP said this at the closing ceremony of the 30th Nigerian Economic Group Summit (NESG).
The event was with the theme, ‘Collaborative Action for Growth, Competitiveness, and Stability.’
Represented by the Minister of Budget and Economic Planning, Atiku Bagudu, the VP said the reforms have charted a new course that will drive the country to economic prosperity.
When the administration took over office in May 2023, President Bola Tinubu announced fuel subsidy removal while in June, the Central Bank of Nigeria floated the currency and collapsed the different foreign exchange windows into the Nigerian Foreign Exchange Market.
The reforms have led to a spike in inflation at 32.7 per cent while the cost of Premium Motor Spirit has risen to over N1,200, depending on the filling station and location.
Shettima said, “Encouraged by the successes so far, we are confident the economy has turned in the right direction. I am sure one question that will be in the minds of many is, ‘Will they stay the course?’
“Yes, we will stay the course. (We are) encouraged by the commitment we saw around the room.”
The VP further called for the private sector to support the administration’s economic policies.
Shettima said, “It is clear that implementing the current administration’s priorities, particularly the eight priority areas enumerated in the Renewed Hope Agenda, which is the administration’s vision and strategy for repositioning the economy for macroeconomic stability, growth and development require the support of all.
“Therefore, I urge the leadership of states, private sectors, civil society organizations, and development partners to join hands with the federal government to actualize the inclusive future of the embassy and Nigeria that works for all.”