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Nigeria’s President Stays the Course on Economic Reforms Despite Hardship

Nigeria’s President Bola Tinubu affirmed on Wednesday that economic reforms will continue despite causing public hardships, during a Democracy Day television broadcast. Since taking office a year ago, Tinubu’s government has removed the petrol subsidy, devalued the currency, and partially removed electricity subsidies. The aftermath of these decisions is soaring inflation that reached 33.69% in April. During his address, Tinubu acknowledged the difficulties but emphasized that these measures are necessary to build a stronger economic foundation, moving away from over-reliance on oil revenue. Tinubu also announced plans to send an executive bill to parliament for a new minimum wage, following negotiations with labor unions. The government proposed doubling the minimum wage to $41.89 (N62,000) per month, against labor demands of $168.9 (N250,000). Tinubu promised to listen to the people and negotiate in good faith, although the final figure in the bill remains unspecified.

SOURCE: CNBC