Nigeria’s President, Bola Ahmed Tinubu, says the country’s economy was built on flawed foundation of over-reliance on revenues from the exploitation of oil.
Tinubu said this on Wednesday in his national broadcast in celebration of Democracy Day2024 and the 25 years of unbroken democracy in the country.
The President stated that though the recent reforms by his administration to put the economy in the right direction have occasioned hardship, they are necessary repairs to fix the country’s economy.
He said, “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.”