In his New Year address delivered on January 1, 2025, President Bola Ahmed Tinubu expressed optimism for the year ahead, despite the challenges faced in 2024.
The President emphasized improvements in key economic indicators, including a decrease in fuel prices and a strengthening of the Naira, which he believes will contribute to a more stable economy.
Tinubu highlighted that Nigeria has experienced foreign trade surpluses for three consecutive quarters and noted the record growth of the stock market, which has generated significant wealth.
We are committed to reducing inflation from its current rate of 34.6% to 15%, he stated, outlining plans to enhance access to credit through the establishment of the National Credit Guarantee Company.
This initiative aims to support financial institutions and underserved groups, particularly women and youth, by expanding risk-sharing instruments.
The President acknowledged ongoing concerns regarding the cost of food and essential drugs, pledging that his administration would intensify efforts to boost local food production and promote the manufacturing of essential drugs.
He reiterated that these measures are crucial for providing relief to Nigerian households struggling with high living costs.
In his address, Tinubu emphasized the importance of unity among Nigerians, urging citizens to become better citizens devoted to national goals.
He announced plans for the National Values Charter, which aims to foster ethical principles and shared values among the populace. Additionally, a Youth Conference is set to commence in early 2025, reflecting the government’s commitment to youth inclusiveness in nation-building.
The address has drawn mixed reactions from political observers. The Peoples Democratic Party (PDP) criticized Tinubu’s speech as lacking concrete solutions to pressing issues such as unemployment and rising food prices. PDP officials described the address as disconnected from the realities faced by ordinary Nigerians.
As Nigeria embarks on this new year, President Tinubu’s administration is focused on implementing reforms aimed at economic recovery and growth while addressing the needs of its citizens. The government’s commitment to fostering a resilient economy will be closely monitored as the year progresses.
