Amid Nigeria’s ongoing economic challenges, Vice President Senator Kashim Shettima has expressed the government’s empathy for the plight of citizens, especially the poor.
Speaking at the 30th anniversary of the Nigerian Economic Summit in Abuja on Monday, Shettima defended the administration’s economic policies, emphasizing the difficult but necessary measures being taken to stabilize the nation’s economy.
“Some of the policy decisions are painful but almost inevitable,” Shettima said. “My heart and the heart of President Bola Tinubu go to the Nigerian people.
We empathize with what the poor and the young are going through, but we have no option. Some of these decisions are unpopular, but the truth is often what people prefer not to hear.”
Since assuming office last year, President Bola Ahmed Tinubu’s administration has introduced reforms aimed at reviving the economy and attracting foreign investment.
These measures, however, have led to soaring inflation and fuel prices, particularly after the removal of fuel subsidies and the naira’s flotation.
Last Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) raised fuel prices from around 610 naira per litre to over 855 naira, with private suppliers charging as much as 1,200 naira per litre. The price hike followed NNPC’s admission of financial struggles in maintaining fuel supplies.
Shettima acknowledged that Nigeria’s growth has been volatile and overly reliant on oil revenue, hindering job creation and long-term stability.
He noted, “Like many other nations, Nigeria has faced significant economic difficulties in recent years, compounded by global issues such as the COVID-19 pandemic, oil price fluctuations, internal security challenges, inflation, and structural weaknesses in our economy.”
