Nigeria celebrates 63rd Independence Anniversary amid tough economic realities

Nigeria is today celebrating its 63rd year since it gained independence from Britain amid tough and rough economic and security challenges. Meanwhile, in his speech, president Bola Ahmed Tinubu has promised to introduce measures to cushion the recent hardship caused by the removal of subsidy on fuel. Kamil Sodiq has more from Nigeria…

As Nigeria celebrates its 63rd Independence Anniversary, President Bola Tinubu has said his administration is introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation.

The Nigerian leader disclosed this in his first independence day speech as the president of the most populous nation in Africa.

The President commended the founding fathers and mothers of the country, stressing that without them,there would be no modern Nigeria.

In the same speech, the president did not speak on the proposed indefinite strike by Organized Labour expected to commence on Wednesday, October 3.

To boost employment and urban incomes, he said his administration is providing investment funding for enterprises with great potential just as increasing investment in micro, small and medium-sized enterprises.
Nigeria is celebrating this year’s independence anniversary amid tough economic realities.

Recall that labour unions in Nigeria announced their plans to commence an indefinite strike on Tuesday to protest the rising cost of living crisis.

This follows the removal of the controversial yet expensive subsidy in petrol by President Bola Ahmed Tinubu during his inauguration on May 29, 2023.

The move has triggered a high cost of living in the country as the price of food, transportation and services have climbed to an all time high.

Organised labour unions have accused the Federal Government of refusing to “meaningfully engage and reach agreements with organised labour on critical issues of the consequences of the unfortunate hike in the price of petrol, which has unleashed massive suffering on Nigeria workers and masses.”

The Nigerian government has since appealed to the unions to continue negotiations, while warning that the proposed walkout could further affect the economy, especially at this crucial moment.