The federal government has acknowledged, with regret, the suffering Nigerians are going through due to the daunting economic challenges occasioned by petroleum subsidy removal and pledged to adopt measures to cushion the effects.

“This government of President Bola Ahmed Tinubu is very much aware of and deeply sympathises with all Nigerians over the economic conditions we are passing through,” Secretary to the Government of the Federation, Senator George Akume, said in Abuja on Thursday.

He attributed the economic challenges to “unavoidable policy choices, including the removal of fuel subsidies, that the administration has had to make.”

“Notwithstanding the daunting challenges, ceaseless efforts are being made to cushion the immediate impact and to create new opportunities on a short, medium, and long-term basis, through the diligent implementation of the Renewed Hope Agenda,” he said.

Akume said the policies and programmes are being implemented for long-term solutions to these problems and assured that in no distant time, the trajectory of the country’s socio-economic development would soar higher in the positive territory.

In alignment with the mood of the nation, Akume informed the people that President Tinubu has approved that the 64th Independence celebration should be low-keyed.

The President has also given priority to the growth of the economy through SMEs. By so doing, he has refocused on strengthening the backbone of our economy by empowering Nigerians to start or grow their businesses.

In the area of human capital development, Akume said the Nigerian Students Loan Fund has disbursed the sum of N2.5 billion to over 22,120 beneficiaries across higher institutions in the nation.

This is a welcome relief for parents and an opportunity for indigent students to access education.

The SGF noted that one of the major challenges facing Nigerians is rising food prices. He explained that, to bolster food security, and availability, and ensure affordability of food, the government has removed tariffs on the importation of certain categories of food.

He said the government has shown its resolve in completing ongoing projects and initiating new ones in key sectors.

“Transportation infrastructure, particularly road, rail, and airport projects, have been prioritised to enhance connectivity, facilitate trade, and improve the overall quality of life for Nigerians,” he stated.