President Bola Tinubu said Nigeria’s economy was built on a flawed foundation of over-reliance on revenues from the exploitation of oil.
Tinubu said this on Wednesday in his national broadcast in celebration of Democracy Day 2024 and the 25 years of unbroken democracy in the country.
The President stated that though the recent reforms by his administration to put the economy in the right direction have occasioned hardship, they are necessary repairs to fix the country’s economy.
He said, “I understand the economic difficulties we face as a nation.
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 that 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.”
President Tinubu added that his government chose to negotiate new minimum wage with the organised labour in light of the current economic reality, promising to send the bill for a new minimum wage to the National Assembly soon.
“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.
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.
“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,” he added.
