In his New Year address, President Bola Ahmed Tinubu reassured Nigerians of his administration’s commitment to reducing the burden of high fuel prices while outlining plans to stabilise the economy and tackle inflation.
Fuel Price Relief on the Horizon
Acknowledging the challenges posed by rising costs in 2024, Tinubu promised that Nigerians would soon experience relief at the pump.
- “Fuel prices have already begun to gradually decrease,” he said, crediting government interventions aimed at improving the supply chain and reducing import dependency.
- He pledged to further support energy reforms to sustain this trend, ensuring long-term affordability and accessibility for citizens.
Economic Progress in 2024
The President highlighted significant economic achievements over the past year, including:
- Foreign reserves: A steady increase.
- Naira recovery: Strengthened against the US dollar, contributing to market stability.
- Stock market growth: Added trillions of naira in value, signalling investor confidence.
- Trade surplus: Maintained for three consecutive quarters.
Despite these milestones, Tinubu acknowledged the high cost of food and medicines as ongoing concerns for Nigerian households.
2025 Agenda: Inflation and Economic Growth
President Tinubu unveiled an ambitious plan to tackle inflation, currently at 34.6%, aiming to bring it down to 15% by year-end. Key measures include:
- Boosting food production: By investing in agriculture to lower food costs.
- Local manufacturing: Expanding the production of essential drugs and medical supplies to reduce import dependency.
National Credit Guarantee Initiative
To spur economic growth, the federal government will launch the National Credit Guarantee Company by mid-2025.
- Purpose: Expand credit access for businesses and individuals, especially women and youth.
- Partners: Government institutions, private sector players, and multilateral organisations.
- Impact: Drive re-industrialisation, economic expansion, and improved living standards.
Energy and Transport Reforms
The President commended state governors who adopted clean energy solutions, such as:
- Compressed Natural Gas (CNG) vehicles: Introduced in public transport systems.
- Electric vehicles: Integrated into state-level energy policies to support the transition to sustainable energy.
Call for Unity and Cooperation
Tinubu urged Nigerians to unite and focus on nation-building rather than divisive issues.
- National Values Charter: To be launched in early 2025, promoting shared values and cooperation between citizens and government.
- Youth Inclusiveness: A nationwide youth conference will highlight the role of young people in driving the nation’s progress.
The Path Ahead
President Tinubu concluded with an appeal for collaboration among all levels of government to seize emerging opportunities in agriculture, tax reforms, and industrial development.
“Fuel prices will continue to drop, and together, we will build a brighter future for Nigeria,” Tinubu said. “The sacrifices of the past months are not in vain, and 2025 will bring the relief and prosperity we all desire.”