President Bola Ahmed Tinubu has urged Nigerians to have faith in his economic reforms, noting that they are meant to address the foundational flaws that have plagued Nigeria for decades.

The President made this known in his first Democracy Day speech on Wednesday, June 12.

In his solemn address to the nation at 7 am, President Bola Ahmed Tinubu told Nigerians that while he continues the economic reforms, he would always listen to them and never turn his back on the people.

In a national broadcast to mark the 25th year of uninterrupted democratic rule in the country, Tinubu recalled how he and other like-minded individuals risked their lives for democracy to take root.

He said that despite complications, democracy remained the best form of government.

"I say to you here and now that as we celebrate the establishment of our political democracy, let us commit ourselves to the realization of its equally important counterpart, the achievement of our economic democracy. I understand the economic difficulties we face as a nation," he said.

"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 that the reforms have caused hardship. Yet, they are necessary repairs required to improve the economy in the long run so that everyone has access to economic opportunities, fair pay, and compensation for their efforts and labor."

"As we continue to reform the economy, I shall always listen to the people and will never turn my back on you," he concluded.

Tinubu took the opportunity to pay tribute to the heroes and heroines of the June 12 struggle, specifically Chief MKO Abiola, his wife Kudirat, Shehu Musa Yar’Adua, and Pa Alfred Rewane, among others.