We know you’re suffering but no other option, Shettima tells Nigerians

Vice President Kashim Shettima disclosed that the Federal Government was fully aware of the plight of the masses amid the prevalent hunger and economic hardship.

Shettima, who said the government empathised with Nigerians, especially the poor, argued that there was no alternative to the current situation.

He made this known while speaking at the 30th anniversary of the Nigerian Economic Summit in Abuja on Monday, October 14, 2024.

He defended the economic policies of President Bola Tinubu-led administration while highlighting the steps being taken to spur economic growth.

“Some of the policy decisions, the policy options available are painful, but they are almost inevitable.

“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,” Shettima said.

Shettima admits Nigeria’s growth trajectory is volatile

Since assuming office on May 29, 2023, President Tinubu has introduced several reforms targeted at reviving the battered economy and attracting foreign direct investment.

However, the reforms have resulted in the soaring price of petrol and the devaluation of naira to a record low, triggering a three-decade high inflation.

Last week, the Nigerian National Petroleum Company Limited (NNPCL) increased the fuel pump price from around N610 naira per litre ($0.38) to N855 per litre or more at its filling stations across the country.

The price hike came barely 24 hours after the national oil company announced that it had quit its middleman role for the Dangote Refinery, signalling a full deregulation of the downstream sector.

Meanwhile, Shettima acknowledged that the nation’s growth trajectory has been very thorny, blaming the phenomenon on 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.