Nigeria’s President Bola Tinubu reiterated on Wednesday his commitment to ongoing economic reforms despite mounting hardships that have sparked public discontent. In a televised address marking Democracy Day, Tinubu acknowledged the challenges posed by recent reforms but emphasized their necessity for laying a stronger economic foundation.
Since assuming office a year ago, Tinubu has undertaken significant reforms, including the removal of long-standing petrol subsidies and the currency devaluation, which have contributed to a sharp rise in inflation to 33.69% as of April, the highest in nearly three decades.
“Our economy has long needed restructuring. It has been imbalanced due to excessive dependence on oil revenues,” Tinubu stated, defending his administration’s actions amidst criticism of rising costs of living.
Tinubu also announced plans to present an executive bill to the National Assembly soon to formalize a new minimum wage, addressing a critical demand amid recent labour strikes. While labour unions sought a minimum wage of 250,000 naira ($41.89), the government proposed doubling the current minimum wage to 62,000 naira, highlighting ongoing negotiations.
“We are committed to enshrining our agreements into law for the next five years or less,” Tinubu affirmed, though details on the exact wage figure were not disclosed.
Labour unions, having suspended recent strikes, await further details from the government before determining their next course of action. Tinubu assured that his administration would continue to engage in good faith negotiations with labour representatives.
The economic reforms under Tinubu’s leadership aim to diversify Nigeria’s economy away from oil dependency, seeking sustainable growth despite immediate hardships. As public sentiment remains divided over the impacts of these reforms, Tinubu pledged to prioritize listening to citizens’ concerns while steering the nation through this challenging economic transition.
