Cost Of Living Has Gone Up, We Have Started Paying Minimum Wage – Tinubu

The President of Nigeria, Bola Ahmed Tinubu, has acknowledged the hardship among citizens, caused by the rising cost of living in the country.

Speaking on Monday at the Aso Rock Villa during the swearing-in of seven new Ministers, President Tinubu, however, assured that his administration is committed to alleviating the sufferings of the people.

He described the hardship as necessary sacrifices that must be paid to stabilize and revitalize the economy.

The President noted that as part of measures to alleviate the suffering of the people, the government has started paying the new minimum wage of ₦70,000 to workers.

“Yes, cost of living is gone up, I recognise that, and we have satisfied the obligation of paying a new minimum wage across the board,” Tinubu said.

He pointed at the fact that the economic challenges are not peculiar to Nigeria, saying it’s a global phenomenon which has impacted countries worldwide, including those in Europe and the United States.

Tinubu, however, said his administration is committed to overcoming the challenges.

“We have our head above the water,” he stated. “All other countries too, around us and across the world, are facing challenges. The pandemic brought a lot of strain to the world’s economies, but we are navigating through this and working hard.”

The President also recalled some of the achievements of his administration in managing the nation’s debt and resources.

“For us, it was a challenge when the nation was servicing its debt with 97 percent of its revenue,” he said. “It was nothing but the end of the cliff. But today, I can report to you that we brought that down to 65 percent, and we have never defaulted in paying or meeting all obligations, both foreign and domestic,” he said.

For the newly sworn-in ministers, the President commended them for their willingness to serve the nation, and charged them to be ready for the hard work and challenges ahead.

He expressed his pleasure for the opportunity to lead them in the service of the nation.

According to him, the Ministers should be ready to be criticized, but they must remain resilient and focused.

“It’s not easy to find people who will surrender their lives, freedoms, and responsibilities to serve their nation, especially in this time of challenges.

“I am sincerely happy that you have done that, and that you are here today to be part of a very committed team of Nigerians who have been working tirelessly.”

“You will be part of criticism and abuse. Don’t worry; stay focused, stay resilient. Your thanks will come with the history of growth and prosperity for this country,” he remarked.

He, however, expressed optimism that the economic reforms embarked upon by his administration would be beneficial to Nigeria in the long run despite the current challenges.

“Economic recovery is on the horizon. We have a good path to realize our dreams, and it is not just for us; it is for our children and grandchildren,” he said.