Nigerian President Bola Tinubu, in an early morning New Year message, boastfully praised his efforts to redeem Africa’s most populous nation from unprecedented hunger and economic distress.
Tinubu promised to continue serving the people diligently and wholeheartedly, listing some of what he saw as “achievements in 2024” even as millions of people in the country grapple with the vice-grip of decrepit infrastructure, corruption, widespread poverty and wanton violence and insecurity.
Yet, the president said to “all citizens, your sacrifices have not been in vain over the past 19 months.”
“I assure you they will not be in vain even in the months ahead. Together, let us stay the course of nation-building. The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.
“As we enter 2025, I wish everyone a happy and prosperous New Year. May you be rich in joy, success, and good health. As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires,” said Tinubu – who was ranked 3rd among world’s most corrupt and organised crime figures of 2024.
He admitted that 2024 “posed numerous challenges to our citizens and households,” saying with confidence: “The New Year will bring brighter days.”
According to Tinubu, economic indicators point to a positive and encouraging outlook for the country.
“Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the naira has strengthened against the US dollar, bringing greater stability,” he boasted.
“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.”
Tinubu said he remains “resolute in our ambition to reduce inflation from its current high of 34.6% to 15%” in 2025.”
“With diligent work and God’s help, we will achieve this goal and provide relief to all our people. In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises,” the president said.
Nigeria’s inflation rate rose for the third straight month in November, advancing to 34.60% in annual terms from 33.88% in October, data from the statistics agency showed in mid-December.
The uptick in inflation, which began in September following a brief easing in July and August, was attributed to the lingering effects of the naira devaluation and a series of petrol price increases.
The National Bureau of Statistics said food inflation reached 39.93% year-on-year in November from 39.16% the previous month caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.
Inflation quickened sharply in the second half of 2023 after President Bola Tinubu devalued the country’s naira currency and cut subsidies to try to lift economic growth and shore up public finances.
A nation of entrepreneurs, Nigeria’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. They generate their own electricity and source their own water. They take up arms and defend their communities when the armed forces cannot. They negotiate with armed kidnappers when family members are abducted.
But right now, their resourcefulness is being stretched to the limit.
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