President Tinubu’s New Year Address: A Vision for Economic Stability and National Unity
In his New Year message, President Bola Ahmed Tinubu outlined a comprehensive plan to address Nigeria’s economic challenges and foster national unity. He acknowledged the hardships faced by citizens in 2024, including rising living costs and high inflation, and emphasized his administration’s commitment to implementing reforms aimed at economic recovery and growth.
Economic Reforms and Inflation Reduction
President Tinubu highlighted the removal of fuel subsidies and the liberalization of the foreign exchange system as necessary steps to prevent fiscal catastrophe. He acknowledged the discomfort these decisions have caused but stressed their importance for long-term economic stability. The President set an ambitious target to reduce inflation from its current rate of 34.6% to 15% by boosting food production and promoting local manufacturing of essential goods.
Enhancing Credit Access and Industrial Growth
To stimulate economic output, the administration plans to establish the National Credit Guarantee Company by the second quarter of 2025. This initiative aims to expand risk-sharing instruments for financial institutions and enterprises, thereby increasing access to credit, particularly for underserved groups such as women and youth. The President emphasized that this move would drive growth, re-industrialization, and improved living standards.
National Values and Unity
President Tinubu announced the forthcoming unveiling of the National Values Charter in the first quarter of 2025. This charter is designed to promote ethical principles, shared values, and patriotism among Nigerians. A national orientation campaign will accompany the charter to inspire citizens to work together towards common goals, fostering trust and cooperation across the nation’s diverse population.
Call for Collaboration
The President urged state governors and local council chairpersons to collaborate with the federal government in seizing emerging opportunities in agriculture, livestock, and tax reforms. He commended those who have embraced initiatives like the Compressed Natural Gas (CNG) program and the adoption of electric vehicles, highlighting their roles in the nation’s energy transition.
Message of Hope and Resilience
In his closing remarks, President Tinubu expressed optimism for the future, acknowledging the sacrifices made by Nigerians and assuring them that these efforts will lead to a brighter future. He called for unity and focus in the nation’s journey towards progress, emphasizing that the challenges of today should strengthen the collective resolve to build a prosperous Nigeria.
The President’s address reflects a commitment to implementing strategic reforms aimed at economic stability, growth, and national unity as Nigeria enters 2025.
