President Bola Ahmed Tinubu has outlined an ambitious agenda for 2025, pledging to transform Nigeria’s economy, reduce inflation to 15%, and ensure food security for millions of households.
In his New Year message, he assured Nigerians that his administration is determined to alleviate the hardships experienced in 2024 while building a stronger, more stable economy.
“Despite the challenges of 2024, brighter days lie ahead,” Tinubu said, highlighting achievements from the past year, including lower fuel prices, strengthened foreign reserves, and significant gains in the stock market.
Addressing Inflation and Food Security
A key highlight of Tinubu’s address was his promise to tackle persistent inflation, which soared to 34.6% in 2024, disproportionately affecting the cost of food and essential drugs. Tinubu vowed to bring inflation down to 15% by focusing on agricultural reforms and the local production of pharmaceuticals.
“We will intensify efforts to lower the cost of living by increasing food production and encouraging the domestic manufacturing of essential medical supplies,” Tinubu stated.
These reforms, he added, would not only reduce prices but also create jobs and strengthen Nigeria’s agricultural and manufacturing sectors. The President also called on state and local governments to align with federal agricultural initiatives to maximize economic opportunities.
Economic Progress in 2024
Tinubu highlighted several economic milestones achieved in 2024 as a foundation for future growth. Among these were declining fuel prices, a stronger Naira, and three consecutive quarters of trade surpluses.
“Our stock market recorded unprecedented growth, generating trillions of Naira in wealth and reflecting renewed investor confidence in our economy,” he said. Tinubu also noted that foreign reserves had risen, and the Naira had gained strength against the US dollar, bringing much-needed stability to the financial system.
However, the President acknowledged that many Nigerians continue to struggle with high costs of living, particularly for food and essential goods. “We will work diligently to bring relief to all Nigerians,” he assured.
Expanding Access to Credit
To drive further economic growth, Tinubu announced plans to launch the National Credit Guarantee Company by mid-2025. This initiative aims to expand credit access for individuals, businesses, and underserved groups, including women and youth.
“The company, a partnership involving government institutions, the private sector, and multilateral organizations, will strengthen the financial system and support economic re-industrialization,” Tinubu explained.
National Values and Youth Empowerment
Tinubu stressed the importance of unity, shared values, and ethical governance as part of his Renewed Hope Agenda. To foster these ideals, he announced the launch of a National Values Charter in the first quarter of 2025.
“This Charter will promote mutual commitments between citizens and the government, fostering trust and cooperation across our diverse population,” Tinubu said. A national orientation campaign will also be launched to inspire patriotism and encourage Nigerians to rally together for the nation’s progress.
Additionally, Tinubu reaffirmed his commitment to youth inclusiveness, announcing that the long-awaited Youth Confab would begin in early 2025. “This initiative underscores our belief in the youth as the nation’s greatest asset,” he stated.
Opposition Criticism
The Peoples Democratic Party (PDP) reacted to Tinubu’s address with skepticism, accusing the administration of failing to deliver on its promises over the past 18 months.
“The last 18 months have been the most excruciating for Nigerians since the Civil War,” said PDP National Publicity Secretary Debo Ologunagba. The opposition party criticized Tinubu’s economic reforms, citing unproven claims and a lack of concrete action to address insecurity, create jobs, or improve living standards.
The PDP also called for transparency in the management of government funds, particularly the billions reportedly saved from the removal of fuel subsidies. They demanded an investigation into allegations of corruption involving over ₦25 trillion siphoned from government agencies.
“The APC government must stop its reckless spending and focus on easing the burden on Nigerians,” the PDP said, urging Tinubu to provide immediate relief on issues such as food security and fuel prices.
Despite the criticism, Tinubu expressed confidence in his administration’s ability to deliver on its promises. He reiterated his goal of achieving a $1 trillion economy and urged Nigerians to remain hopeful and united.
“We are on the right path to building a great Nigeria that will work for everyone,” Tinubu declared. “Let us not be distracted by divisive politics or sentiments of ethnicity, region, or religion.”
The President concluded his address with a personal note of gratitude to Nigerians for their sacrifices and trust. “Your support humbles me, and I promise to continue serving you diligently. Together, we will achieve our shared aspirations for a prosperous Nigeria,” Tinubu said.
