Democracy Day: Tinubu reveals reasons for economic difficulties 

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President Bola Tinubu has elucidated the underlying reasons for the challenges confronting the Nigerian economy.

During his Democracy Day broadcast, Tinubu articulated that the country’s economy has long been in dire need of reform.

He further expounded that its imbalance stemmed from a flawed foundation, primarily rooted in an over-reliance on revenues generated 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 added.