The Federal Government on Monday defended its sweeping economic reforms, insisting that although the measures have been painful for businesses and households, they have helped pull Nigeria away from fiscal distress and laid the foundation for long-term growth.
Vice President Kashim Shettima and the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the removal of fuel subsidy, foreign exchange reforms and tax changes were necessary to rescue the economy from years of structural distortions.
The government, however, acknowledged that businesses and ordinary Nigerians were still bearing the burden of high inflation, elevated interest rates and rising operating costs.
Speaking at the fifth Nigeria Employers’ Summit in Abuja, themed “Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth, Shettima, represented by his Special Adviser on General Duties, Aliyu Modibbo Umar, said the current administration inherited an economy burdened by unsustainable subsidies, weak government revenues and declining investor confidence.
He said the easy option would have been to postpone difficult decisions but that leadership required taking hard choices.
