The Federal Government has reiterated its commitment to President Bola Tinubu’s economic reforms, despite the significant challenges currently facing Nigerians. Vice President Kashim Shettima made this statement during the 30th anniversary of the Nigerian Economic Summit held in Abuja on Monday.

Shettima acknowledged the difficulties caused by these policies but emphasized that they were essential for the country’s long-term recovery. “Some of the policy decisions are painful, but they are almost inevitable,” he said, noting that both he and President Tinubu empathize with the hardships Nigerians are enduring.

The economic reforms, introduced after Tinubu assumed office in 2023, were designed to revive the economy and attract foreign investment. However, the measures have led to record-high inflation and fuel prices. Recently, the price of fuel surged from 610 naira ($0.38) per litre to 855 naira per litre, with some private suppliers charging up to 1,200 naira per litre.

Despite the economic challenges, the government insists that these reforms are necessary to stabilize the economy in the long term.