Nigeria economy in desperate need of reform for decades - Tinubu

Nigeria's President Bola Ahmed Tinubu believes the nation's economy has been in desperate need of reform for decades — Nigeria’s President Bola Ahmed Tinubu believes the nation’s economy has been in desperate need of reform for decades

President Bola Tinubu on Wednesday said that Nigeria’s economy has been in desperate need of reform for decades.

Tinubu said this during his Democracy Day Speech, adding that he understands the economic difficulties Nigeria faces 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,” Tinubu said.

“The reforms we have initiated are intended to create a stronger, better foundation for future growth in Nigeria.”

The President in his address admitted that there is no doubt the economic reforms being implemented by his administration have occasioned hardship.

Tinubu, however, said the reforms are necessary repairs required to fix the nation’s economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.

The President further made a promise to always listen to the voice of the people in reforming the economy to where it rightly belongs.

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

“In this spirit, we have negotiated in good faith and with open arms with organised labour on a new national minimum wage in Nigeria.

“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 promised to take on this vital task of reforming the economy without fear or favour.

“I will commit myself to this work until we have built a Nigeria where no man is oppressed,” he stated.

“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.”