Amid the challenges Nigerians are facing, Shettima has defended the current administration’s economic policies
Senator Shettima made this statement 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 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 taking office last year, Bola Ahmed Tinubu introduced reforms aimed at reviving the economy and attracting foreign investment.
However, since Tinubu ended the fuel subsidy and allowed the naira to float, Nigerians have experienced a sharp rise in fuel prices and inflation, reaching its highest level in 30 years.
Last Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) raised fuel prices from around 610 naira per litre ($0.38) to 855 naira per litre or more.
Private fuel suppliers, who were already selling at higher prices than NNPC, were selling at up to 1,200 naira per litre by Wednesday.
This price hike followed NNPC’s admission that it was facing financial challenges in maintaining fuel supplies.
Despite this, the vice president noted that the country’s growth trajectory has been unstable, emphasizing that the economy remains heavily dependent on oil revenue.
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