President Tinubu’s New Year Address: Promises Economic Growth, Inflation Reduction, and National Unity
President Bola Ahmed Tinubu has reassured Nigerians of his administration’s resolve to improve the nation’s economy, enhance food production, and significantly reduce inflation in 2025. In his New Year message, the President acknowledged the economic challenges of 2024 while highlighting significant progress that offers hope for a brighter future.
The President pointed to falling fuel prices, increasing foreign reserves, and a stronger Naira as indicators of economic recovery and stability. “Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days. 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,” Tinubu stated.
President Tinubu noted the record growth of Nigeria’s stock market, which he said generated trillions of naira in wealth, and highlighted increased foreign investment as a reflection of renewed confidence in the country’s economy. Despite these achievements, he acknowledged that inflation and the rising cost of food and essential drugs remain significant concerns for many households.
He expressed his administration’s commitment to reducing inflation from its current 34.6% to 15% by implementing reforms aimed at increasing food production and promoting the local manufacturing of drugs and medical supplies. “In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6 per cent to 15 per cent. With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” the President assured.
Tinubu also emphasized the importance of expanding credit access to support economic growth. He announced the establishment of the National Credit Guarantee Company, which will launch by mid-2025. The company, a collaboration between government institutions, the private sector, and multilateral organizations, aims to expand credit access, strengthen financial confidence, and support underrepresented groups such as women and youth. “This initiative will drive growth, re-industrialization, and better living standards for our people,” Tinubu said.
The President called on state governors and local government officials to align with federal reforms to maximize opportunities in agriculture, livestock, and tax policy. He applauded states that adopted the Federal Government’s Compressed Natural Gas (CNG) initiative and those transitioning to electric vehicles, pledging federal assistance to support their efforts.
Tinubu further outlined plans to promote national unity and ethical values as part of his Renewed Hope Agenda. He announced that a National Values Charter, already approved by the Federal Executive Council, would be unveiled in the first quarter of 2025. A corresponding national orientation campaign will aim to foster patriotism, mutual trust, and cooperation among citizens. “The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population,” the President stated.
Tinubu also reaffirmed his commitment to youth inclusiveness by announcing that the Youth Confab, first introduced in October 2024, will take place in early 2025. “The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population,” he added.
In his concluding remarks, Tinubu expressed confidence in Nigeria’s economic trajectory, emphasizing that his administration is on the right path toward building a $1 trillion economy. He urged Nigerians to remain united and focused, cautioning against divisive rhetoric. “Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion,” he declared.
The President thanked citizens for their sacrifices and support, assuring them that 2025 would bring significant progress toward achieving the nation’s aspirations. “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. As we enter 2025, I wish everyone a happy and prosperous New Year. By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires,” Tinubu said.
Opposition’s Response
In reaction to the President’s New Year message, the Peoples Democratic Party (PDP) criticized Tinubu for offering what it described as “empty promises” without actionable solutions to Nigeria’s pressing challenges. The PDP urged Tinubu to address issues such as insecurity, fuel shortages, and rising living costs with concrete measures instead of rhetoric.
In a statement signed by its National Publicity Secretary, Debo Ologunagba, the PDP accused the President of delivering speeches filled with “hopeless rhetoric, unsubstantiated statistics, and false promises” while neglecting urgent national issues. The statement read in part: “The Peoples Democratic Party (PDP) congratulates Nigerians on the dawn of the year 2025 and charges President Bola Ahmed Tinubu not to taint the New Year with an address that will not proffer immediate and concrete steps to reduce the price of fuel, address widespread hunger and provide clear-cut measures to guarantee security of lives and property in the country.”
The PDP demanded accountability for funds generated from the removal of fuel subsidies and called for investigations into alleged corruption under the APC-led government. It also criticized the administration’s insensitivity to the plight of Nigerians, stating that “The last 18 months have been the most excruciating period to Nigerians since the Civil War, with citizens now resorting to suicide and slavery missions abroad due to the hopeless situation foisted by the anti-people policies of the APC government.”
The PDP urged Nigerians to remain hopeful and committed to defending constitutional democracy while holding the government accountable for its actions. It also warned the APC-led administration against continuing its “old attitude” into 2025, emphasizing the need for transparency and immediate action to address the country’s challenges.
