Assuring that the New Year holds great promise for Nigerians and will, indeed, fulfill citizens’ collective desires, President Bola Tinubu in his New Year address, has announced an ambitious plan to reduce inflation from its current rate of 34.6% to 15% by the end of 2025, as well as the establishment of a national credit guarantee company, to enhance financial access.
Reflecting on the challenges faced in 2024, Tinubu acknowledged the difficulties that many Nigerians endured, but expressed the optimism that the future would be better.
“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days,” he stated.
Tinubu highlighted several encouraging economic indicators that signal a positive outlook for Nigeria, including a gradual decrease in fuel prices, foreign trade surpluses recorded over three consecutive quarters, and an increase in foreign reserves.
“The Naira has strengthened against the US dollar, bringing greater stability,” he explained.
Additionally, Tinubu pointed to record growth in the stock market, which has generated trillions of naira in wealth and reflects renewed confidence among foreign investors.
Despite these promising signs, Tinubu said he recognises that many Nigerian households continue to grapple with high costs of food and essential drugs.
“This remains a significant concern for our people,” he acknowledged.
In response to these challenges, President Tinubu announced his administration’s commitment to intensifying efforts to lower living costs in 2025.
“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%,” he affirmed.
To achieve this goal, he outlined plans to boost food production and promote local manufacturing of essential drugs and medical supplies.
“With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” he added.
To further stimulate economic growth, the President revealed plans for enhancing access to credit for individuals and critical sectors of the economy.
“My administration will further consolidate and increase access to credit,” he stated, explaining that the initiative includes the establishment of the National Credit Guarantee Company, which aims to expand risk-sharing instruments for financial institutions and enterprises.
Expected to begin operations before the end of the second quarter of 2025, this partnership, he explained, will involve government institutions such as the Bank of Industry and the Nigerian Sovereign Investment Agency, alongside private sector players and multilateral institutions.
“This initiative will strengthen confidence in our financial system, expand credit access, and support underserved groups such as women and youth,” he said.
President Tinubu expressed his deep gratitude to Nigerians for their trust and confidence in his leadership.
“Thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly,” he stated, reaffirming his commitment to the nation’s progress.
The President stressed the importance of ongoing reforms to foster sustainable growth and prosperity.
“We will continue to embark on necessary reforms,” he affirmed, calling for cooperation and collaboration from all citizens as they work towards the ambitious goal of achieving a one trillion-dollar economy.
“Let us stay focused and united,” he urged, stressing that unity is essential for building a great Nigeria that works for everyone.
Tinubu cautioned against distractions from divisive elements within society, reminding Nigerians not to view issues through the narrow lenses of politics, ethnicity, region, or religion.
“We are on the right path to building a great Nigeria,” he asserted.
Highlighting the importance of citizenship, President Tinubu called for a collective commitment to ethical principles and shared values.
“To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria,” he stated.
Underscoring the need for a new moral code and citizens’ faith in the country as fundamental to the success of the Renewed Hope Agenda, Tinubu announced plans to unveil, this year, the National Values Charter, which has already been approved by the Federal Executive Council.
This initiative, he explained, will be accompanied by a national orientation campaign aimed at fostering patriotism and inspiring unity among citizens.
“The Charter will promote mutual commitments between the government and citizens, fostering trust and cooperation among our diverse population,” he explained.
The President also announced the launch of a Youth Confab in early 2025, emphasizing his administration’s commitment to youth inclusiveness as vital for nation-building.
“The Ministry of Youth will soon announce the modalities for selecting representatives from our diverse, youthful population,” he said.
In his address, President Tinubu urged state Governors and local council chairpersons to collaborate closely with the federal government to seize emerging opportunities in agriculture, livestock, and tax reforms.
He commended those who have embraced sustainable initiatives such as Compressed Natural Gas (CNG) public transport systems and electric vehicles as part of Nigeria’s energy transition.
President Tinubu reassured citizens that their sacrifices over the past 19 months have not been in vain.
“Together, let us stay the course of nation-building,” he urged.
He expressed optimism that the New Year would bring Nigeria closer to the bright future that all citizens desire.
“God bless you all, and may God bless our beloved country, Nigeria. Happy New Year and a prosperous 2025 to you all!” Tinubu surmised.
