Nigeria’s President, Bola Ahmed Tinubu, stated that the country’s economy has long been based on a flawed foundation due to over-reliance on oil revenue. He made this declaration on Wednesday during his national broadcast in celebration of Democracy Day 2024, marking 25 years of uninterrupted democracy in Nigeria.

The President acknowledged the hardships resulting from recent economic reforms initiated by his administration, emphasizing that these measures are essential for long-term economic stability.

“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 oil revenues,” Tinubu said. “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 their efforts and labor.”

The President promised to continue listening to the people’s concerns and remain committed to their welfare as the country undergoes these significant changes. “As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.”

Tinubu also discussed the government’s efforts to negotiate a new minimum wage with organized labor, noting that an executive bill will soon be sent to the National Assembly. “In this spirit, we have negotiated in good faith and with open arms with organized labor 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 stated.

Addressing the recent calls for a national strike, Tinubu highlighted the government’s cooperative approach. “In the face of labor’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done. We chose the path of cooperation over conflict. No one was arrested or threatened. Instead, the labor leadership was invited to break bread and negotiate toward a good-faith resolution,” he said.

The President emphasized that reasoned discussion and principled compromise are essential aspects of democracy. “These themes shall continue to animate my policies and interaction with the constituent parts of our political economy. I take on this vital task without fear or favor and commit myself to this work until we have built a Nigeria where no man is oppressed,” he added.