Tinubu vows to continue economic reforms amid rising hardships

President Bola Tinubu affirmed on Wednesday that Nigeria's economic reforms will persist despite mounting hardships that have incited public discontent. In his address, Tinubu pledged to introduce an executive bill to parliament soon to establish a new minimum wage.

Tinubu, who assumed office a year ago, eliminated a longstanding petrol subsidy that kept prices artificially low and devalued the currency. These actions have driven inflation to 33.69% in April, the highest rate in nearly three decades, significantly reducing household incomes.

During a television broadcast marking Democracy Day, Tinubu acknowledged the difficulties resulting from these reforms, which also include increased interest rates and the partial removal of electricity subsidies. He emphasized that these measures are necessary to lay a stronger foundation for future growth.

"Our economy has been in dire need of reform for decades. It has been unstable due to its over-dependence on oil revenues," Tinubu stated. "As we continue to reform the economy, I will always listen to the people and will never abandon you."

Nigeria is currently facing its most severe cost-of-living crisis in decades. Last week, labor unions suspended a strike aimed at pressuring the government to agree to a new monthly minimum wage. The government has proposed doubling the minimum wage to 62,000 naira ($41.89) per month, while labor unions are demanding 250,000 naira.

Tinubu assured that his administration has been negotiating in good faith and that the last minimum wage adjustment was in 2019. "We will soon send an executive bill to the National Assembly to formalize what has been agreed upon into law for the next five years or less," he said.

However, Tinubu did not specify whether the bill would include the government's proposed minimum wage or a revised figure. Labor union leaders have indicated they will wait for Tinubu's response before deciding on their next course of action.