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President Bola Tinubu has said that Nigeria\u2019s economy has been unstable and urgently requires reforms that have been delayed for decades.<\/p>\n

Tinubu stated this during a live broadcast on Wednesday to mark the nation\u2019s 25th anniversary of uninterrupted democracy.<\/p>\n

The president acknowledged the economic challenges facing the nation, saying his administration is working tirelessly to fix the economy.<\/p>\n

\u201cI understand the economic difficulties we face as a nation.<\/p>\n

\u201cOur 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.<\/p>\n

\u201cThe 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.<\/p>\n

\u201cAs 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,\u201d he said.<\/p>\n

June 12: Nigeria\u2019s economy unbalanced, needs reform \u2013 Tinubu<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

President Bola Tinubu has said that Nigeria\u2019s economy has been unstable and urgently requires reforms that have been delayed for…<\/p>\n","protected":false},"author":1,"featured_media":36848,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,466],"tags":[17637,8,19,16644,516,180,1505,14859,26,17690],"class_list":["post-36847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-tinubu","tag-17637","tag-akwa-ibom","tag-economy","tag-june","tag-needs","tag-news","tag-nigerias","tag-reform","tag-tinubu","tag-unbalanced"],"yoast_head":"\n