June 12: Nigeria’s economy unbalanced, needs reform – Tinubu

President Bola Tinubu has said that Nigeria’s economy has been unstable and urgently requires reforms that have been delayed for decades.

Tinubu stated this during a live broadcast on Wednesday to mark the nation’s 25th anniversary of uninterrupted democracy.

The president acknowledged the economic challenges facing the nation, saying his administration is working tirelessly to fix the economy.

“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.