Nigeria’s Economy Built on Flawed Foundation—Tinubu

By Aduragbemi Omiyale

President Bola Tinubu on Wednesday said Nigeria’s economy “has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.”

He made this disclosure while addressing the nation in his Democracy Day speech on Wednesday morning.

Mr Tinubu informed Nigerians that, “I understand the economic difficulties we face as a nation,” but expressed confidence that the reforms his administration was implementing would revamp the economy.

“The reforms we have initiated are intended to create a stronger, better foundation for future growth,” he said in his speech monitored by Business Post.

However, he reminded the citizens that like a pregnant woman, they will experience labour pains, which must happen before the bundle of joy is released to the world.

“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,” the President stated.

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

The President noted that to cushion the pains, his government is planning to quickly forward an executive bill to the parliament for a new minimum wage.

“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.

This year’s Democracy Day is the second Mr Tinubu is partaking in as President of the country, but the first he observed with a parade at the Eagle Square, where he famously declared that “subsidy is gone” during his inaugural speech on May 29, 2023.

The country’s economy has not recovered from this policy announced by President Tinubu, as prices of goods and services began to rise from that day, including premium motor spirit (PMS), otherwise known as petrol.