- President Tinubu has promised Nigerians that the new year (2025) will be better than the previous year
- He specifically mentioned several economic reforms and the positive impacts expected in his New Year speech
- 2024 was a challenging year for Nigerians amid the rising cost of living caused by petrol price hikes and the naira’s devaluation.
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
President Bola Ahmed Tinubu has assured Nigerians that 2025 will bring about economic recovery and prosperity following a challenging 2024.
He stated this in his New Year speech on Wednesday, January 1, 2025.
Photo credit: presidency
Source: Getty Images
According to Tinubu, there will be an increase in economic growth, the inflation rate will drop, and there will be a stable naira-to-dollar exchange rate.
President Tinubu assures Nigerians
The president cited several economic indicators, such as declining fuel prices, a strengthened naira, and consecutive quarterly foreign trade surpluses for optimism.
His words:
“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. “
Tinubu also pledged to tackle lingering concerns about the cost of living.
The president also said his government is committed to reducing inflation from 34.6% to 15% by the year’s(2025) end.
TInubu plans for new company
In his speech, Tinibu also revealed plans to establish the National Credit Guarantee Company, which is aimed at expanding access to credit for individuals and businesses.
The president stated that the company is expected to begin operations in the second quarter of 2025.
The president added:
“The Company is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.”
As he closed his address, Tinubu thanked Nigerians for their sacrifices during his administration’s first 19 months, assuring them that brighter days lie ahead.
Tinubu’s tax reform bill gets support
Ealier, Legit.ng reported that Nigerian tax reforms have been a subject of strong debate, especially among northern leaders and politicians
The bill, which is currently in the National Assembly, will rejig how the funds generated in the country are shared
Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has listed ways tax reforms will benefit Nigerians.
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Source: Legit.ng
