"What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us," he said.
President Bola Tinubu has said that he is aware of the hardship Nigerians are facing due to the various policy decisions of his administration.
Mr Tinubu stated this in a national broadcast to Nigerians Monday evening.
"Our economy is going through a tough patch, and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle," Mr Tinubu said.
"Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help, not hurt the people and nation that I love."
He noted that the government is working on reducing the burden to make life easier for Nigerians.
"What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.
"Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.
"This period may be hard on us, and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work."
Policy reforms
President Tinubu, on 29 May, during his inauguration, announced the removal of subsidy on petrol. This development has caused hardship for many Nigerians because of the increased prices of goods and services.
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Apart from the removal of subsidy, the Central Bank of Nigeria (CBN) also announced the unification of all segments of the forex exchange (FX) market as part of efforts to engender transparency in the markets and boost investors' confidence.
Although the policy has been widely applauded as well-intentioned and necessary, it has put additional pressure on the local currency and manufacturers, with ripple effects on prices.
Both policies are being put in place at a time Nigerians are just recovering from the shocks of a controversial naira redesign policy that crippled businesses and made life difficult for many Nigerians who could not access their funds for several months.
Although the federal government has announced a series of palliatives to mitigate the impact of petroleum subsidy removal and similar shocks on the people, many Nigerians are still reeling from the devastating impact as prices of petrol, foodstuff, and other essential commodities continue to rise.
On Monday, Mr Tinubu admitted that there was an unavoidable lag between subsidy removal and these plans coming fully online.
"However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.
"We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her," he said.
