The Federal Government has reaffirmed its commitment to President Bola Tinubu’s economic policies despite the widespread hardship faced by Nigerians.

Vice President Senator Shettima made the pledge at the 30th anniversary of the Nigerian Economic Summit in Abuja on Monday.

“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 empathise with what the poor and the young are going through in the Nigerian nation, but we have no option,” Shettima added.

The policies, introduced after Tinubu took office last year from Muhammadu Buhari, were supposedly meant to revitalize the economy and attract foreign investment. However, they have led to soaring fuel prices and inflation rates not seen in three decades.

Recently, the pump price of fuel has skyrocketed from around 610 naira per litre ($0.38) to 855 naira per litre, following an increase by the Nigerian National Petroleum Company Limited (NNPCL). Private suppliers have taken it even further, selling fuel at rates as high as 1,200 naira per litre.