IN the face of the challenges Nigerians are currently enduring, the Federal Government has expressed its empathy, particularly for the poor.
Vice President Senator Shettima conveyed this message today in Abuja during the 30th Nigerian Economic Summit.
He defended the administration’s economic policies and outlined the government’s efforts to improve the economy.
“Some of the policy choices available are difficult, but they are almost unavoidable,” Shettima stated.
“President Bola Tinubu and I feel deeply for the Nigerian people, especially the poor and the youth, but we have limited options. These decisions may be unpopular, yet often, the truth is what people would rather not hear.”
Economic Trajectory
Since President Bola Ahmed Tinubu took office last year, his reforms were aimed at reviving the economy and attracting foreign investment.
However, Nigerians have faced rising fuel prices and inflation reaching a 30-year high, following the removal of fuel subsidies and the floating of the naira.
Last week, the Nigerian National Petroleum Company Limited (NNPCL) raised fuel prices at the pump from around 610 naira per litre ($0.38) to 855 or more, with some private suppliers selling at 1,200 naira per litre.
The increase came a day after NNPC admitted financial difficulties in maintaining fuel supplies.
The vice president noted that Nigeria’s economic growth has been inconsistent, largely dependent on oil revenue.
He emphasized that the country has faced a range of global and domestic challenges, including the COVID-19 pandemic, fluctuating oil prices, internal security issues, inflation, and structural economic weaknesses.
“Nigeria’s growth path has been unpredictable, overly reliant on oil revenue, and unable to generate sufficient employment opportunities,” he added.
