In a national broadcast marking the 25th anniversary of Nigeria’s democracy, President Bola Tinubu acknowledged the economic challenges facing the country, assuring citizens that his administration is committed to reforms that will address these issues.
He attributed the current difficulties to the country’s reliance on a single revenue source, oil exploitation, and emphasized his government’s efforts to diversify and reflate the economy.
Regarding the controversial new national minimum wage, Tinubu announced that a draft bill for a consensus wage is being finalized and will soon be sent to the National Assembly for passage, according to Independent.
He emphasized his administration’s willingness to engage with labor leaders and acknowledged their right to express their demands, even during strikes.
The president reiterated his commitment to the welfare of Nigerians and promised not to abandon them during these challenging times.
Tinubu 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 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 organised 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”.
“Fellow Nigerians, our democracy is more than a historic fact. It is a living, breathing reality.”
