AMID the hardship faced by Nigerians, the Federal Government says it empathises with the citizens, especially the poor.
The Vice President, Senator Shettima, stated this in Abuja on Monday during the 30th anniversary of the Nigerian Economic Summit.
He defended the economic policies of the current administration while highlighting steps taken by the government to improve the economy.
“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 prepare not to hear.”
After coming to power last year, President Bola Ahmed Tinubu brought in reforms billed as a way to revive the economy and attract foreign investment.
However, Nigerians have seen fuel prices soar and inflation hit a three-decade high since Tinubu ended a fuel subsidy and floated the naira currency.
Last Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) on Tuesday increased prices at the pump from around 610 naira per litre ($0.38) to 855 per litre or more.
Private suppliers already sold fuel at higher prices than the NNPC. Some were selling at 1,200 naira per litre on Wednesday.
The price increase came a day after NNPC acknowledged it was struggling to maintain fuel supplies because of financial difficulties.
But the vice president said the nation’s growth trajectory has been volatile, stressing that the economy is reliant on oil revenue.
“Like many other nations, Nigeria has experienced significant economic problems over the past few years. The challenges have been global as well as domestic, 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,” he said.