The Vice President, Kashima Shettima, has expressed the Federal Government’s empathy with the Nigerians, especially the poor amidst crushing economic hardship.
Shettima stated this in Abuja on Monday during the 30th anniversary of the Nigerian Economic Summit.
Speaking at the NES, the VP defended the economic policies of the current administration. He, however, highlighted steps taken by Federal Government to improve the economy.
According to him, some of the policy decisions, the policy options available are painful, but they are almost inevitable.
He 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 in the Nigerian. But we have no option.”
“Some of these decisions are unpopular but the truth is most often the truth that men prepare not to hear,” Shettima said.
Recall that President Bola Ahmed Tinubu on May 29, 2024, removed subsidy on petrol and in June, devalued the Naira.
The Government had stated that the reforms were to revive the economy and attract foreign investment.
However, Nigerians have since seen fuel prices hike and inflation hit a three-decade high.
The Nigerian National Petroleum Company Limited, NNPCL, increased prices at the pump from around N610 to N855 per litre.
However, with another price hike on Wednesday, last week, the product now sell at N1,200 per litre.
But the Vice President said the nation’s growth trajectory has been volatile. He emphasized that the economy is reliant on oil revenue.
He said, “Like many other nations, Nigeria has experienced significant economic problems over the past few years. The challenges have been global as well as domestic. This is ranging from the COVID-19 pandemic and fluctuation of 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,” Shettima said.
source: Channels TV
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