Democracy Day: What Tinubu told Nigerians on reforming economy, new minimum wage, others

President Bola Tinubu has assured Nigerians, that the ongoing national reforms embarked upon by his administration one year ago when it came to power were not intended to inflict pain, but to “fix” the economy.

Tinubu while addressing the nation in the wake of the 2024 Democracy Day on Wednesday, said the various initiated reforms are intended to create a stronger, and 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,” the president assured.

Tinubu sympathised with the masses, saying he understood the current economic difficulties ravaging the 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.

“I say to you here and now that as we celebrate the enshrinement of our political democracy, let us commit ourselves to the fulfilment of its equally important counterpart, the realisation of our economic democracy.

“I understand the economic difficulties we face as a nation.

“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.

Tinubu’s assurances follow several economic policies, reforms and new taxes being put in place by his administration, which have resulted in skyrocketing inflation and a rise in the cost of living.

Statistics by the National Bureau of Statistics (NBS), puts the current inflation rate at 33.9 per cent.

Meanwhile, Tinubu also assured the Organised Labour that a an executive bill on the new national minimum wage for workers will soon be sent to the National Assembly for passage.

“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,” the President said.