Democracy Day: Why the nation’s economy is ailing–Stakeholders

Stakeholders in the labour sector have observed that the nation’s ailing economy is caused by over-reliance on revenues from the exploitation of oil and lack of pragmatic reforms for decades.

In separate reactions to President Bola Tinubu’s Democracy Day speech in Lagos on Wednesday, they noted the speech failed to address current economic realities facing the country.

A Human Rights Campaigner, Mr Omokhuale Ehi, said that current government reforms ought to provide succour for the people.

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‘’He did not mention how the non-oil sectors will start getting the right attention; the current state of our moribund refineries, how the cost of governance will be reversed and real hope about the massive youth unemployment.

‘’Also, the state of insecurity, banditry and kidnapping that have ravaged our country,‘’ he said.

Also, the President, Association of Senior Staff of Banks, Insurance and Financial Institutions, Mr Olusoji Oluwole, noted that the speech eulogised people who fought and died for a better nation.Oluwole said,

He, however, said that what the people died for were still lacking after 25 years of unbroken democracy.

‘’We expect that this government, while celebrating should strive to break the 25 years of pain through the implementation of policies that will reduce and eventually remove the suffering of Nigerians.

‘’Citizens who have held faith in spite of the pain must enjoy the dividends of this democracy,’’ he said.

In his remarks, a public affairs analyst, Mr Jide Ojo, said that issues surrounding the minimum wage should be addressed, saying that many workers were looking forward to the pronouncement of the actual figure of the wage.

‘’I would have loved the negotiations to have been jointly arrived at, not that the federal, state, government, and private sector will forward what they had jointly agreed as the mutually agreed position.

‘’The present situation will leave us at the mercy of labour unions to withdraw their services and go on strike; that will not augur well for the economy,” he said.