President Bola Tinubu has acknowledged the unstable nature of Nigeria’s economy, highlighting the urgent need for long-overdue reforms.
In a live broadcast on Wednesday, commemorating the nation’s 25th anniversary of uninterrupted democracy, President Tinubu addressed the economic challenges and his administration’s efforts to stabilize the economy.
“Our economy has been in desperate need of reform for decades,” Tinubu stated.
“It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.”
Tinubu emphasized that the reforms initiated by his administration aim to lay a stronger foundation for future economic growth.
He admitted that these reforms have caused hardship but insisted they are necessary for long-term stability and prosperity.
“The reforms we have initiated are intended to create a stronger, better foundation for future growth,” Tinubu explained.
“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.”
President Tinubu assured the nation that he remains committed to listening to the people and responding to their needs.
He highlighted ongoing negotiations with organized labor regarding a new national minimum wage, noting that an executive bill would soon be presented to the National Assembly.
“In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage,” he said.
“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.”
Addressing the demands for a national strike by organized labour, Tinubu emphasized his administration’s approach of cooperation rather than conflict.
He pointed out that no repressive measures were taken against workers, and instead, labor leaders were invited for discussions and negotiations.
“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 remarked. “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.”
President Tinubu concluded his address by reaffirming his commitment to building a just and prosperous Nigeria.
He stressed that achieving national greatness requires making the right choices, even if they are difficult.
“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,” Tinubu declared.
“In the end, our national greatness will not be achieved by traveling the easy road. It can only be achieved by taking the right one.”
Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
