President Tinubu acknowledges economic hardship, affirms commitment to new minimum wage bill

As Nigeria celebrates June 12 Democracy Day, President Bola Ahmed Tinubu has acknowledged the challenging economic conditions affecting citizens and assured them that a new minimum wage bill will soon be presented to the National Assembly.

The Nigerian president stated this in his Democracy Day nationwide broadcast on Wednesday.

He stressed that some reforms introduced by his administration are repositioning Nigeria for a future of greatness.

In the face of the hard times facing the West African country, Tinubu stressed that the economy has been in desperate need of reform for decades, saying that it has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.

Tinubu said further that reforms initiated by his administration are intended to create a stronger, better foundation for future growth.

The Nigerian leader acknowledged that the reforms have occasioned hardship but pointed out that 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.

He promised to always listen to the people and will never turn his back on the citizens.

“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.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 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,” he said.