Thursday, January 16, 2025

Petrol price has reduced, naira appreciating; 2025 will be better: Tinubu

“Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters,” said the president

• January 1, 2025
Tinubu
Tinubu [Credit BBC]

In an early morning New Year message, President Bola Tinubu touted his efforts to redeem Africa’s most populous nation from unprecedented hunger and economic distress.

The Nigerian leader, who promised to continue serving the people diligently and wholeheartedly, listed some of his so-called achievements in 2024 as millions of the country’s citizens grapple with the vice-grip of decrepit infrastructure, corruption, widespread poverty and wanton violence and insecurity.

Yet, Mr Tinubu 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 Mr Tinubu.

While admitting that 2024 “posed numerous challenges to our citizens and households,” he expressed confidence that the New Year “will bring brighter days.”

According to him, economic indicators point to a positive and encouraging outlook for our nation.

“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.

“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,” the president explained.

However, Mr 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 explained.

Meanwhile, the Peoples Democratic Party has slammed what it described as Mr Tinubu’s ruinous rule that has plunged the nation into unprecedented hunger and economic woes since the Civil War.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Abubakar Kyari

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Senators, Ishaq Oloyede

Anti-Corruption

JAMB’s N1 billion meals, N850 million fumigation, money well spent, National Assembly declares

“On the contrary, the report highlighted the responsible and prudent use of resources under the leadership of the registrar,” said the National Assembly Joint Committee on Finance.

Akwa Ibom Speaker Udeme Otong

Health

Akwa Ibom speaker tasks medical doctors on improved, professional services

He said the Governor Umo Eno-led administration was committed to boosting healthcare delivery through policy initiatives promoting public health.

Milo and Bournvita beverages

Economy

Food, beverages top divisional yearly, monthly inflation: CPI

The development is contained in the National Bureau of Statistics December 2024 CPI report released on Wednesday.

Blue Origin's Rocket, New Glenn

World

Jeff Bezos’ Blue Origin rocket reaches orbit in first attempt

Billionaire Jeff Bezos-owned Blue Origin reached a historic milestone on Thursday morning after the space company successfully sent its first rocket into orbit.

Governor Nasir Idris

Politics

Gov Idris releases N925 million gratuity, death benefits to 367 workers

Governor Nasir Idris has approved releasing N925 million to pay gratuity and death benefits to 367 beneficiaries.

BOKO HARAM

States

Insurgency: UN condemns attacks on civilians in Borno

The United Nations has condemned the suspected Boko Haram attack on Dumba community in Kukawa LGA of Borno, killing 40 civilians at