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President Bola Tinubu has rekindled the hope of Nigerians for an economic democracy, which will operationalise fiscal federalism as he initiates far-reaching reforms of the economy, which he described as ‘unbalanced’.
Tinubu noted that the country’s economic imbalance was occasioned by decades of flawed foundation of over-reliance on revenues from the exploitation of oil.
Consequently, the President said the reforms initiated by his government were intended to create a stronger and better foundation for future growth even as he acknowledged the attendant economic difficulties being faced as a nation.
This is as President Tinubu also revealed that the Federal Government and the Organised Labour have negotiated a new national minimum wage in good faith.
Tinubu spoke in a nationwide broadcast to the nation to mark the 2024 Democracy Day on Wednesday morning.
He said an Executive Bill will soon be sent to the National Assembly to enshrine what has been agreed upon as part of the nation’s laws for the next five years or less.
“I say to you here and now that as we celebrate the enshrinement of our political democracy, let us commit ourselves to the fulfilment of its equally important counterpart, the realisation of our economic democracy.
“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,” Tinubu stated.
Tinubu noted that in the face of the recent Labour’s call for a nationwide indefinite strike action, the government did not seek to oppress or crack down on the workers as a dictatorial government would have done, adding that, “we chose the path of cooperation over conflict.”
He said no one was arrested or threatened as the Labour leadership was instead invited back to the negotiation table toward a good-faith resolution.
“Reasoned discussion and principled compromise are hallmarks of democracy. These themes shall continue to animate my policies and interaction with the constituent parts of our political economy,” Tinubu stated.