NIGERIA’S President Bola Tinubu reaffirmed his commitment to economic reforms despite rising public hardships and promised to send an executive bill to parliament soon to establish a new minimum wage. Tinubu, who has been in power for a year, has implemented significant changes, including removing a long-standing petrol subsidy and devaluing the currency. These measures have caused inflation to soar to 33.69 percent in April, the highest in nearly three decades, severely affecting incomes.
In a televised address marking Democracy Day, Tinubu acknowledged the difficulties caused by the reforms, which also include higher interest rates and partial removal of electricity subsidies. However, he emphasized that these actions are necessary for building a stronger economic foundation.
‘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,’ Tinubu stated. ‘As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.’
Nigeria is currently facing its worst cost-of-living crisis in decades. Labour unions recently suspended a strike intended to pressure the government into agreeing to a new monthly minimum wage. The government has proposed doubling the minimum wage to 62,000 naira ($41.89) per month, while labour unions demand 250,000 naira. Tinubu assured that the government had negotiated in good faith.
‘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,’ Tinubu announced, though he did not specify whether the bill would include the government’s minimum wage proposal or a new figure.
Labor union leaders have indicated they will wait to hear back from Tinubu before deciding on their next steps.
