Tinubu: Nigeria’s economy unbalanced… it desperately needed reforms for decades

President Bola Tinubu says the nation’s economy has been unstable and urgently requires reforms that had been delayed for decades.

The president spoke during a live broadcast on Wednesday to mark the nation’s 25th anniversary of uninterrupted democracy.

Tinubu acknowledged the economic challenges facing the nation, saying his administration is working tirelessly to fix the economy.

“I understand the economic difficulties we face as a nation,” he said.

“Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.

“The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.

“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you. In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.”

Tinubu also spoke on the new minimum wage demand by the organised labour, disclosing that a bill will soon be sent to the national assembly to that effect.

“In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done. We chose the path of cooperation over conflict,” he said.

“No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate toward a good-faith resolution. Reasoned discussion and principled compromise are hallmarks of democracy. These themes shall continue to animate my policies and interaction with the constituent parts of our political economy.

“I take on this vital task without fear or favour and I commit myself to this work until we have built a Nigeria where no man is oppressed. In the end, our national greatness will not be achieved by travelling the easy road. It can only be achieved by taking the right one.”