Governor Seyi Makinde of Oyo State has disclosed that inflation rates reduced spending power and dragged many Nigerians into poverty in 2024.

Makinde made this declaration in his New Year message aired on the Broadcasting Corporation of Oyo State (BCOS) on Wednesday.

The governor, while addressing residents of the state, disclosed that Nigeria struggled with economic challenges throughout the just-concluded year.

He maintained that inflation rates reduced the people’s spending power and dragged more people into poverty.

Makinde, while speaking further, said that his government will do more for the people of the state in 2025.

He added that his administration would embark on decisive actions that would increase residents’ spending power and ease the economic strains they are currently facing.

The governor also stated that his administration would enforce the rule of law across different sectors.

He warned that more stringent measures would be taken against traffic offences in the state.

Makinde, while speaking further, maintained that the year 2024 tested the resilience of the people of the state.

He said: “What a year 2024 was! Our resilience as a people has been tested almost to the limit. We have faced economic challenges and social tragedies that have been the direct or indirect result of these challenges.

“We were shocked by the January 16, 2024, Bodija incident. We reacted by signing Executive Order 001, 2024, on the safe handling and storage of harmful substances in Oyo State. We also took steps to give support to those who were primarily affected by this incident. We will give them even more support in 2025.

“In December 2024, disaster again struck in our dear state as we lost 35 children to a stampede at Islamic High School, Basorun. We are still mourning this great loss.

“Throughout the year, we struggled with economic challenges as a nation. Inflation rates reduced our spending power and dragged more people into poverty than we were able to help escape poverty. Our hearts are heavy. Still, we are thankful. These tragedies have forced us as a government to go back to the drawing board and take a second look at our strategies, policies, and programmes.

“For example, following the Bodija incident, we took actions that further secured the lives of our people. We are more determined to put further measures in place to ensure that incidents like these never occur again.”

[DailyPost]

President Bola Tinubu on Wednesday said that the rumours of disagreement between him and the governors over local government autonomy were false. 

The president also emphasised the critical role of state governors in driving Nigeria’s development and prosperity, saying their leadership at the subnational level is central to achieving food security, economic prosperity, and rapid national growth.

Speaking during a New Year homage by Vice President Kashim Shettima and members of the Nigeria Governors Forum (NGF) at his Ikoyi residence in Lagos, President Tinubu expressed his gratitude for their support and collaboration while highlighting key areas requiring joint effort for the nation’s progress.

A statement by the presidential spokesman, Bayo Onanuga, quoted Tinubu as saying, “You are the most important link to Nigeria’s prosperity and development. The Federal Government accounts for about 30 to 35 per cent of the allocated revenue; the rest comes to you.

“The agricultural value chain depends on you. You own the land, and the job is in your hands.”

President Tinubu called for stronger collaboration between the federal and state governments to address pressing challenges, including local government autonomy, agricultural productivity, and currency stability.

Expressing his commitment to local government development and autonomy, the President stressed its importance for grassroots development and dispelled rumours of disagreement with the governors.

“We will not fight within us. I will drive the change. You control your local governments. You can restore hope by effectively fulfilling what the people expect at the grassroots level.

“There were gossips that we had disagreements on local government autonomy. No. Just drive development at the local government. Nobody wants to take them away from you, but we need collaboration. Let’s do it together and ensure Nigeria is better off for it.”

President Tinubu urged governors to prioritise agricultural growth as a pathway to economic stability.

“We have to work harder, grow more, and ensure the situation of our currency improves. Nigeria will see prosperity, but it requires consistent effort from all of us,” he said.

He also urged the governors to take pride in their efforts and acknowledged their progress across the states.

“There is no state we cannot visit and be proud of its development. We have better allocations now. Let me take the abuse; you take the privileges. Together, we will build a nation we are all proud of,” he said.

Reflecting on his leadership journey in the last 19 months, the President expressed confidence in Nigeria’s capacity to thrive given the resilience and leadership demonstrated by the administration.

“I am glad I asked for this job, and Nigerians gave me the mandate. We’ll be on this voyage together. I thank all of you for where we are today and where we are heading,” he said.

The President announced that he will be visiting Enugu State on January 4 as part of his planned visits to some states of the federation.

President Tinubu welcomed his declaration by ThisDAY newspaper as Man Of The Year.

He commended the newspaper for recognising “what they considered a failure initially, but is now a success.”

Speaking at the visit, the Kwara State governor and chairman of the Nigeria Governors Forum, NGF, Abdulrahman Abdulrazak, described ThisDay’s decision to name President Tinubu Man of the Year as a significant endorsement of the administration’s policies.

He noted that the acknowledgement from a media outlet known for critical media coverage during the campaign reflects the tangible progress made under President Tinubu’s leadership.

“The policies are working. In agriculture, I was in Jigawa. The complaint in Jigawa was that there was a bumper harvest, but because of the strength of our currency, traders exported the harvest.

“So, most of us are encouraging ourselves to buy bumper stocks into our silos and store them for the rainy day. So, in terms of agriculture, the policy is working. We’ll continue to deepen that and ensure we are 100% sustained in food security and feed the whole of West Africa,” he said.

The governor urged the president to visit various states to see the ongoing transformations and progress firsthand.

He assured the president of the steadfast support of the governors, particularly in contributing to local security architecture to further enhance the nation’s security.

“I must confess that I have not done two years in this administration, but I’ve done more projects in two years than in the four years of my first term,” Governor Abdulrazaq said.

“We are getting more funding due to the restructuring of the economy. Yes, there is inflation, but we are overriding it,” the governor said.

[Vanguard]

Fredrick Nwabufo, senior special assistant to the president on public engagement, says President Bola Tinubu fulfilled key campaign promises in 2024,

Speaking in an interview with NTA on Wednesday, Nwabufo highlighted the administration’s achievements, particularly in social and economic reforms.

He pointed to the introduction of policies aimed at supporting Nigerians with limited access to cash and higher education.

“I would say 2024 was a year of manifest hope. I call it manifest hope because some of the promises Mr President made during the campaign are beginning to crystallize. Some of them have actually crystallized this year,” Nwabufo said.

“The President promised to introduce a mechanism to help Nigerians who don’t have cash readily available to finance and purchase. Today, he has fulfilled that promise.

“He also promised to help Nigerians who seek higher education but don’t have the funding to achieve that dream. To help them do that, today, we have NELFUND.”

While acknowledging challenges, Nwabufo attributed Tinubu’s administration’s success to its purposeful and focused leadership, citing the rehabilitation of the Port Harcourt refinery as an example.

Nwabufo credited the drop in prices of petroleum products to increased competition in the energy sector, describing it as a direct result of Tinubu’s “bold” leadership.

“I was at the old Port Harcourt refinery, I saw things for myself, and I did a piece there that the refinery is up and running,” he said.

“Today we have two refineries running, a public owned refinery is running and, of course, Dangote refinery.

“Most young Nigerians were not born when this refinery stopped working. So, it’s a historic experience for this refinery to be up and running now.

“So, the impact this will have already, you can see that the price of petroleum products has been plummeting, that’s one clear impact. And, of course, there will be more competition.”

Looking ahead to 2025, Nwabufo expressed optimism, describing it as a “propitious year of consolidation” that would build on the foundations laid in 2024.

President Bola Tinubu, on Wednesday in Lagos, emphasised the critical role of state governors in driving Nigeria's development and prosperity, saying their leadership at the subnational level is central to achieving food security, economic prosperity and rapid national growth.

During a New Year homage by Vice President Kashim Shettima and members of the Nigeria Governors Forum (NGF) at his Ikoyi residence, the President expressed his gratitude for their support and collaboration while highlighting key areas requiring joint effort for the nation's progress.

"You are the most important link to Nigeria's prosperity and development. The Federal Government accounts for about 30 to 35 per cent of the allocated revenue; the rest comes to you. The agricultural value chain depends on you. You own the land, and the job is in your hands," he said.

President Tinubu called for stronger collaboration between the federal and state governments to address pressing challenges, including local government autonomy, agricultural productivity, and currency stability.

Expressing his commitment to local government development and autonomy, the President stressed its importance for grassroots development and dispelled rumours of disagreement with the governors.

"We will not fight within us. I will drive the change. You control your local governments. You can restore hope by effectively fulfilling what the people expect at the grassroots level.

"There were gossips that we had disagreements on local government autonomy. No. Just drive development at the local government. Nobody wants to take them away from you, but we need collaboration. Let's do it together and ensure Nigeria is better off for it."

President Tinubu urged governors to prioritise agricultural growth as a pathway to economic stability.

"We have to work harder, grow more, and ensure the situation of our currency improves. Nigeria will see prosperity, but it requires consistent effort from all of us," he said.

He also urged the governors to take pride in their efforts and acknowledged their progress across the states.:

"There is no state we cannot visit and be proud of its development. We have better allocations now. Let me take the abuse; you take the privileges. Together, we will build a nation we are all proud of," he said.

Reflecting on his leadership journey in the last 19 months, the President expressed confidence in Nigeria's capacity to thrive given the resilience and leadership demonstrated by the administration.

"I am glad I asked for this job, and Nigerians gave me the mandate. We'll be on this voyage together. I thank all of you for where we are today and where we are heading," he said.

The President announced that he will be visiting Enugu State on January 4 as part of his planned visits to some states of the federation.

President Tinubu welcomed his declaration by ThisDAY newspaper as Man Of The Year.

He commended the newspaper for recognising "what they considered a failure initially, but is now a success."

Abdulrahman Abdulrazak, chairman of the Nigeria Governors Forum and Governor of Kwara State, described ThisDay's decision to name President Tinubu Man of the Year as a significant endorsement of the administration's policies.

He noted that the acknowledgement from a media outlet known for critical media coverage during the campaign reflects the tangible progress made under President Tinubu's leadership.

"The policies are working. In agriculture, I was in Jigawa. The complaint in Jigawa was that there was a bumper harvest, but because of the strength of our currency, traders exported the harvest.

"So, most of us are encouraging ourselves to buy bumper stocks into our silos, store them for the rainy day. So, in terms of agriculture, the policy is working. We'll continue to deepen that and ensure we are 100% sustained in food security and feed the whole of West Africa," he said.

The governor urged the President to visit various states to see the ongoing transformations and progress firsthand.

He assured the President of the steadfast support of the governors, particularly in contributing to local security architecture to further enhance the nation's security.

"I must confess that I have not done two years in this administration, but I've done more projects in two years than in the four years of my first term", Governor Abdulrazaq said.

"We are getting more funding due to the restructuring of the economy. Yes, there is inflation, but we are overriding it," the governor said.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

President Bola Tinubu with L-R: Deputy Senate President, Barau Jibrin, Senate President Godswill Akpabio, Vice President Kashim Shettima and Senate Majority Leader, Opeyemi Bamidele when the leadership of the National Assembly paid a new year homage to the President at his Ikoyi residence in Lagos. January 1, 2025

President Bola Tinubu with L-R: Governors Babajide Sanwo-Olu of Lagos, Hope Uzodinma of Imo, Rt Hon Sheriff Oborevwori of Delta, Babagana Zulum of Borno State, when members of the Nigeria Governors’ Forum paid a new year homage to the President at his Ikoyi residence in Lagos. January 1, 2025

President Bola Tinubu in a group photograph with members of the Nigeria Governors’ Forum who paid him new year homage at his Ikoyi residence in Lagos. January 1, 2025

President Bola Tinubu with Vice President Kashim Shettima during the Vice President’s visit to the President at his Ikoyi residence in Lagos. January 1, 2025

Wike, on live TV, you declared: “Any day that I ever make Dr. Odili and his family cry, God, don’t allow me to grow.” Yet today, your actions contradict this solemn statement. President Tinubu and fellow Nigerians, this is a moment to reflect. Wike, a public servant, now blatantly disrespects an elder, undermines African cultural values, and ignores the divine principles of humility and respect. Let us remember—God does not favor arrogance or actions that defy the sacred traditions of our heritage.

In 2022, during his journey to secure the presidency of Nigeria, President Bola Ahmed Tinubu humbly declared:

“All I came for today is to seek your blessing, your cooperation, your prayer for me to become the President of the Federal Republic of Nigeria.”

This profound statement reflects the deeply ingrained respect for African traditions that Tinubu has long embodied. It is a reminder of the values that underlie African societies—values of humility, reverence for elders, and acknowledgment of their wisdom and spiritual authority. These principles form the foundation of the cultural fabric that unites communities across the continent. Elders are not just individuals but institutions of knowledge, tradition, and moral guidance. Seeking their blessing is not only a cultural obligation but a spiritual necessity.

Today, this same ethos calls for President Tinubu to address the troubling conduct of Chief Nyesom Wike, the Minister of the Federal Capital Territory (FCT). Wike’s repeated verbal attacks on 76-year-old Dr. Peter Odili and 97-year-old Chief Edwin Clark—a revered elder and Leader of the Niger Delta—violate the very traditions that Tinubu has championed. These acts of disrespect undermine the African values of seniority, humility, and reverence for leadership. As a man in his 50s, Wike has no cultural or moral justification for his words and actions against these elders, regardless of any political grievances.

This is a moment for President Tinubu to step in—not just as a political leader but as a custodian of tradition—to guide Wike toward reconciliation through a profound act of humility: kneeling before Odili and Clark to seek their forgiveness. Such an intervention would not only restore harmony but also reaffirm the importance of African traditions in governance and public life.

A Troubling Pattern of Disrespect

In recent months, Wike has consistently demonstrated a disregard for the values of respect and humility expected of leaders, particularly toward elder statesmen. He accused Dr. Peter Odili of “personalizing” Rivers State and claimed credit for reviving Odili’s political relevance. These accusations, made without provocation, struck at the very legacy of a man who has been a symbol of leadership and stability in Rivers State for decades.

Wike’s disrespect did not end with Odili. He also launched verbal attacks on 97-year-old Chief Edwin Clark, a man regarded as the spiritual and cultural leader of the Niger Delta. Clark’s only “offense” was to caution Wike to allow Rivers State Governor Siminalayi Fubara to govern without interference. In response, Wike not only dismissed Clark’s advice but escalated the tension with inflammatory rhetoric, threatening to “set fire” to states governed by allies of Fubara.

These actions reflect a troubling misuse of political power. They reveal a man whose position as a minister under President Tinubu has emboldened him to act in ways that are antithetical to the African tradition of respect for elders and community harmony.

African Values of Respect for Elders

In African societies, elders are far more than senior citizens; they are the keepers of history, tradition, and moral guidance. Their advanced age is seen not as a limitation but as a testament to their endurance, wisdom, and experience. They serve as the backbone of societal stability, offering advice, arbitration, and spiritual leadership. Disrespecting elders, particularly those as prominent as Odili and Clark, disrupts the societal order and undermines the moral compass that binds communities together.

Respect Beyond Perfection

No one claims that Odili or Clark is an angel in politics or governance. Like any leader, they have made decisions that may be criticized. However, African culture teaches that the imperfections of elders do not diminish the respect they are owed. Their age, contributions, and role in preserving societal continuity demand reverence, regardless of personal or political disagreements. For a much younger man like Wike to act in defiance of these values reflects poorly on his character and threatens to erode the very traditions that define African identity.

The Symbolism of Kneeling

Kneeling is one of the most powerful symbols of reconciliation in African culture. It signifies humility, an acknowledgment of wrongdoing, and a sincere desire to restore harmony. For Wike, kneeling before Odili and Clark would be a public affirmation of his respect for their status as elders and a reaffirmation of the values that govern African communities. It would be a transformative gesture that transcends politics and speaks to the spiritual essence of African traditions.

The Plea from Wike’s Kinsmen

Recognizing the gravity of Wike’s actions, his kinsmen, led by Barr. Chizy Enyi, have publicly apologized to Odili and pleaded for forgiveness on his behalf. Their appeal acknowledges the harm caused by Wike’s words and actions, describing them as unnecessary, disrespectful, and detrimental to the development of Rivers State. By making this plea, Wike’s kinsmen have upheld the cultural expectation that communities must take collective responsibility for the behavior of their members.

Their appeal also underscores the broader importance of reconciliation, not just for Wike and the elders involved, but for the entire community. It is a reminder that respect for elders is essential for societal harmony and that traditions of humility and accountability must be preserved.

A Leader Rooted in Tradition

As a Yoruba man, President Tinubu has long been a champion of African traditions and cultural values. His 2022 appeal for blessings and cooperation from elders exemplified his understanding of the moral and spiritual importance of respecting seniority. Tinubu’s intervention now would demonstrate his commitment to these principles and set a powerful example for other leaders.

Guiding Wike Toward Accountability

As a minister under Tinubu’s administration, Wike’s actions reflect not only on himself but also on the government he serves. Tinubu bears the responsibility of ensuring that his ministers uphold the highest standards of decorum and respect. By urging Wike to kneel before Odili and Clark, Tinubu would reinforce the message that political power must always be exercised with humility and accountability.

Setting a National Precedent

Tinubu’s intervention would serve as a model for conflict resolution in Nigerian politics. It would highlight the importance of dialogue, humility, and respect in addressing disputes, while reaffirming the centrality of cultural values in governance. Such an action would strengthen the moral framework of Nigerian society and inspire future generations to honor the traditions that define their identity.

Restoring Harmony and Upholding Tradition

Dr. Peter Odili and Chief Edwin Clark, at 76 and 97 years old respectively, are not just individuals but symbols of wisdom, tradition, and leadership. Chief Nyesom Wike’s repeated attacks on these elders highlight a troubling disregard for the values that underpin African societies. No one knows what the coming weeks or months may hold for Wike. What if he loses his current position under President Tinubu? We know he likes to frequent Rivers State, but by abusing elders, fighting the governor, and alienating others, he risks burning bridges at home. If this happens, where does he go? This is why Wike must urgently apologize. President Tinubu, as a custodian of tradition, must step in to guide Wike toward reconciliation through an act of humility: bowing his head and kneeling before Odili and Clark to seek their forgiveness.

This is not merely a political matter but a cultural and spiritual imperative. Respect for elders is a cornerstone of African identity, transcending personal grievances and political differences. This psychologist has no personal relationship to any names mentioned here but is deeply interested in African cultural values. By intervening, Tinubu would reaffirm the importance of tradition, accountability, and unity in leadership. Let this moment serve as a reminder that true greatness lies not in defiance but in reverence for those who paved the way. May we honor the traditions that sustain us and ensure that our leaders embody the values that define our communities.

Wike, on live TV, you declared: “Any day that I ever make Dr. Odili and his family cry, God, don’t allow me to grow.” These words were not just a statement but a solemn vow, a commitment to respect and humility. Yet, your recent actions betray this promise in the most appalling way. While no one denies your contributions to others and the progress of the state, they do not excuse your outright disrespect toward an elder, your disdain for African cultural values, or your brazen defiance of divine principles.

Even more disgraceful is the fact that this insult to Dr. Odili took place during a holy service—a setting meant for worship and reflection, not arrogance and dishonor. Leadership is not measured by achievements alone but by the moral integrity to uphold dignity and sacred traditions. God does not bless those who mock their own vows or desecrate what is holy.

Your actions during the Special Thanksgiving Service at the Church of Nigeria (Anglican Communion) have not only dishonored an elder but also cast a shadow on the very values you once claimed to uphold. True leadership demands accountability, humility, and respect—qualities that seem to be glaringly absent here.

President Bola Ahmed Tinubu, in his New Year’s message to Nigerians this morning said 2025 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,” he said.

The president assured, “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.”

Acknowledging that 2024 posed numerous challenges to citizens and households, the president said he was confident that the New Year would bring brighter days.

According to him, economic indicators point to a positive and encouraging outlook for the 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 stated.

He said in 2025, his government was 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% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” he said.

FG to establish National Credit Guarantee Company

The president disclosed that in the New Year, his administration would further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

He said to achieve this, the government would establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

He explained: “The company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency and the Ministry of Finance Incorporated, the private sector and multilateral institutions.”

He said this initiative would strengthen the confidence of the financial system, expand credit access, support under-served groups such as women and youths, drive growth and re-industrialisation as well as better living standards for Nigerians.

“On a personal note, 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.

“We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.  I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.

“We are on the right path to building a great Nigeria that will work for everyone. 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 urged.

The president said to achieve national goals and objectives, Nigerians must become better citizens and uncompromising in their devotion and allegiance to the country.

“Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project,” he said.

President to unveil National Values Charter

Tinubu also stated that he would unveil the National Values Charter approved by the Federal Executive Council, in the first quarter of 2025.

“I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together. The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.

“As far-reaching and foundational as our reforms are, they can produce the desired outcomes only through shared common values and identities and unconditional love for our country,” he noted.

Youth Confab begins Q1

The president also said the Youth Confab will begin in the first quarter of this year as “A testament to our commitment to youth inclusiveness and investment as nation-builders.

He said the Ministry of Youths would soon announce the modalities for selecting the conference’s representatives from the country’s diverse and youthful population.

He implored Nigerians to continue believing in themselves and keeping faith in “Our blessed country.”

Tinubu also urged state governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock and tax reforms, and move the nation forward.

“I commend the governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The federal government will always offer necessary assistance to the states,” he said.

The president wished all Nigerians a Happy and prosperous New Year.

Abbas

The Speaker of the House of Representatives, Abbas Tajudeen, in a statement signed by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, on Tuesday, urged Nigerians to renew their hopes for the upcoming year 2025.

He expressed optimism that improvements would be seen in the New Year and emphasised the importance of Nigerians remaining steadfast and supporting their leaders at all levels.

He noted that despite the existing challenges confronting the nation and its people, the administration of President Bola Ahmed Tinubu is implementing necessary measures to enhance the quality of life in the forthcoming year.

The speaker therefore encouraged Nigerians to uphold the spirit of brotherhood amongst themselves.

Atiku

Former Vice President Atiku Abubakar yesterday implored all Nigerians to nurture the shared hopes of collective prosperity, saying, “We must ensure that the power entrusted to those in leadership is never abused and that the claws of an overreaching government are firmly restrained.”

In a New Year message, he personally signed and made available to journalists on Tuesday, he declared that this New Year ushered in an era of “Heightened public awareness, a time when every Nigerian must stand vigilant, closely observing the actions and decisions of their political leaders.”

He explained that 2025 presented an opportunity to “Reshape and redefine the national dialogue,” urging citizens to actively participate in safeguarding the principles of democracy.

He reminded Nigerians that the New Year is a new chapter brimming with possibilities and called for “All citizens to remain resolute in ensuring that political leaders, at every level of government, are held accountable and that no one wields unchecked power that could lead to the erosion of liberties and further exploitation of public office.”

Atiku observed that 2024 provided the need for government accountability and expressed gratitude to the Almighty for granting Nigerians the grace to witness another year despite the arduous trials faced in the past.

“The trials of the past year have only served to fortify our faith. Our unshakable belief in divine protection has been our guiding light, and it is this same spirit of unwavering faith that will continue to propel us forward in the coming year,” he said.

He particularly prayed for a revitalisation of the national economy so that Nigerians may breathe freely once more, liberated from the “Suffocating grip of economic hardship.”

Atiku said “Nigerians must unite in the pursuit of good governance, standing resolute against any efforts by the ruling elite to divide the nation along religious and ethnic lines.

“As we celebrate the divine favour that allows us to witness the beginning of this New Year, let us not forget our fellow countrymen who were not so fortunate, those whose lives were claimed by the relentless storms of daily hardships that have long plagued Nigeria.”

Kalu

The Deputy Speaker of the House of Representatives, Benjamin Kalu, also told Nigerians that the New Year will bring promise and possibility.

He made the remark in a statement by his Chief Press Secretary, Levinus Nwabughiogu on Tuesday to felicitate with Nigerians on the occasion of New Year’s Day, January 1, 2025.

He urged them to have hope for renewal and optimism for a brighter future and reflect on the significant progress made in the outgoing year.

PDP

The Peoples Democratic Party (PDP) also congratulated Nigerians on the year 2025, urging them to resolve in the New Year to defend democracy.

The opposition party also charged President Tinubu that his New Year address must “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, in its New Year message signed by Debo Ologunagba, National Publicity Secretary, said the call was predicated on the fact that previous addresses by Mr. President in the last 18 months were “Without concrete mechanisms to address insecurity, resuscitate the economy, create jobs, ensure credible elections and guarantee better living standard for Nigerians.

“Our Party however urges Nigerians not to lose hope in the nation but remain law-abiding and approach 2025 with optimism of a new dawn in their determination to defend our nation’s constitutional democracy, adherence to the rule of law, demand for transparency and accountability in government; in firm resistance to suppression and pervasive violations by the APC.”

Governor Abdulrahman Abdulrazaq on Tuesday said Kwara State and its people are entering a new dawn as the year 2024 comes to an end.

The governor said 2025 will be a brighter and more prosperous year ahead.

In a New Year message posted on his social handles, the governor thanked Kwarans for their support, which he credited for the strides recorded in the preceding years.

AbdulRazaq added that “2025 holds even greater promise” and urged Kwarans to “continue to work hand in hand to prosper the state. 2025 will be a remarkable year for all of us where opportunity abounds for everyone”, the governor submitted.

The governor of Enugu State, Dr. Peter Mbah, also assured the people of the state that there would not be any slowing down in the new year the speed of transformation witnessed by the state in the year 2024.

This was even as he urged Nigerians to kindle the fire of love, empathy, and charity to move the nation forward in the new year.

Mbah stated this in his New Year message on Tuesday, reiterating his commitment to an inclusive development and all-bracing economic opportunities.

[DailyTrust]

The commencement of domestic production of petroleum products by Dangote Refinery, the restart of Port Harcourt, and Warri Refineries is a glimmer of hope amid the despair Nigerians faced in 2024.

In the past 12 months plus, Nigerians have struggled to cope between economic hardship and hope inspired by President Bola Ahmed Tinubu’s economic reforms.

This is the case as the lagging impact of fuel subsidy removal, Naira floating on June 14, 2023, fiercely pounced on Nigerians.

Similarly, headline and food inflation continue to soar to 34.60 percent and 39.93 percent, respectively, in November 2024 compared to 28.2 percent and 32.84 percent in the same period in 2023.

Consequently, the cost of living became more unbearable for the majority of Nigerians as prices of foods quadrupled.

Hikes in the price of fuel, electricity, Naira fluctuations, and high interest rates were key economic indices that turned the hands of fortunes for Nigerians in 2024.

Meanwhile, with the commencement of petrol rollout at Dangote Refinery on September 15, Port Harcourt Refinery on November 26, and Warri Refinery on December 30, the country’s gross domestic product grew to 3.46 percent in the third quarter.

A minimum wage increase also brought a glimpse to Nigerians in 2024.

On Monday, DAILY POST reported Tinubu saying the restart of Warri Refinery has brought joy to him and Nigerians.

Rising headline, food inflation amid hardship

Nigeria saw worse inflation in the last 11 months of 2024. Available data from the National Bureau of Statistics showed that the country’s inflation grew by 6.4 percent in November 2024 compared to the same month in 2023.

The worst was food inflation at 39.93 percent, representing a 7.09 percent rise on a year-on-year basis compared to 32.84 percent in 2023.

Market realities showed that Nigeria’s food inflation surpassed 50 percent. Insecurity nationwide, which made farmlands unsecured, worsened food scarcity.

This was propelled by increases in prices of the following items: yam, water yam, coco yam, etc. (potatoes, yam & other tubers class); guinea corn, maize grains, rice, etc. (bread and cereals class); beer, pinto (tobacco class); and palm oil, vegetable oil, etc. (oil and fats class). This explains why over 65 persons died in Oyo, Anambra, and Abuja over food stampedes.

Meanwhile, in July and August, 2024, Nigeria recorded declining inflation rates, though it had little effect on commodity prices.

Fuel price hike

Nigeria experienced at least three fuel price hikes at different times in 2024.

On September 3, 2023, the country’s fuel price increased from N617 per litre at the Nigerian National Petroleum Company Limited retail outlets to N897. On September 16, NNPCL announced a new fuel price of N950 per litre in Lagos after lifting PMS from Dangote Refinery.

Available data showed that the price of fuel was later raised to N1,030 at NNPCL filling stations in October 2024.

At the moment, the price of petrol is between N935 per litre to N1,150 in NNPC Retail outlets and other filling stations nationwide.

The spree of fuel price hikes had deeply impacted the country’s inflation. In the last 18 months, fuel prices grew from N198 per litre to between N935 and N1,115 upon fuel subsidy removal.

Naira volatility against Dollar

The ups and downs recorded in the country’s foreign exchange market contributed to the country’s woes.

On December 12, 2023, the official exchange rate for Naira to Dollar stood at N853 but has increased to N1,538.55 as of December 30, 2024. This means the Naira lost, N685.55, in the period under review.

At one time in 2024, the Nigerian Naira became the best currency in April to worst in May.

Interest rate hike

Since Olayemi Cardoso assumed office as the Governor of the Central Bank of Nigeria in September, the apex bank has maintained a hoodwished monetary policy stance.

This comes as the Monetary Policy Committee, headed by Cardoso, consistently raised the interest rate to 27.50 percent from 18.75 per cent in September 2023. This impacted the cost of lending by commercial banks. Meanwhile, Cardoso gave a rising inflation rate as the basis for the interest rate hike.

Nigeria’s Power Sector Review

In April 2024, Nigerians woke up to over 200 per cent electricity price hike for customers described as Band A, expected to have at least 20 hours power supply. The increase resulted in customers paying N225 per kilowatt-hour up from N66. The hike was faced with opposition but the decision was not rescinded.

The development further impacted on households grappling with high inflation, while revenue rose for the 11 electricity distribution companies.

Despite this, Nigeria failed to meet its self imposed 6,000 megawatts electricity generation target.

Recall that the Minister of Power, Adebayo Adelabu had promised to achieve 6000mw of electricity by December end 2024, but that did not come to pass. He recently blamed widespread vandalization for the unmet promise.

Vandalizations of the Transmission Company of Nigeria facility and other factors resulted in at least 13 national grid collapses which plunged the nation into darkness at different times in 2024.

Worse was the prolonged darkness in 19 Northern states in Nigeria and parts of Rivers and Bayelsa states.

The darkness was caused by vandalism, according to TCN.

These are many challenges that marred the power sector in 2024.

However, the liberalisation of the sector, according to the 2023 Electricity Act, granting oversight functions to states, is the silver lining in 2024.

DAILY POST reports that the Nigerian National Electricity Regulatory Commission has transferred oversight to eight states as of December 31, 2024. States such as Ogun, Lagos, Enugu, Kogi, Ondo, Ekiti, Oyo, and Imo have already received regulatory oversight for electricity operations.

Tax bills controversies

The four tax reform bills awaiting national passage are another significant moment in the year under review.

President Tinubu transmitted the bills to the National Assembly in October; however, Northern governors, the National Economic Council, and other northern heavyweights rejected the bills.

The bills have remained subject of discussion. However, the decision the lawmakers take on the bills would significantly impact the country’s economic outlook in 2025, with Tinubu maintaining the bills were needed to retool the economy.

Recently, in Bauchi State, Bala Mohammed accused Tinubu of scheming to impoverish the North with the tax reform bills.

Rising debt profile, servicing

In 2024, Nigeria’s debt stock witnessed a significant rise to over N134 trillion at the end of the fourth quarter.

In the first quarter of 2024 alone, Nigeria’s debt rose by 22.99 percent to N121.67 trillion compared to N97.34 trillion recorded on December 31, 2023.

In the first nine months of 2024, Nigeria spent $3.57 billion to service its foreign debt, which is a 39.7 percent increase from the same period in 2023.

This comes as the Federal Government plans to spend N15 trillion on debt servicing in the 2025 appropriation bill before the National Assembly.

Financial experts, such as Director of the Centre for the Promotion of Private Enterprise, CPPE, Muda Yusuf, have condemned the country’s rising debt profile.

Also, ex-president Olusegun Obasanjo decried Nigeria’s debt profile without commensurate infrastructural development.

Economic feats in 2024

2024 is not all filled with despair; there are quick wins achieved by Nigeria.

The coming on board of three refineries in Nigeria is one of the milestone achievements.

First it was the Dangote Refinery, then the restart of operations at the Port Harcourt and Warri Refineries.

With competition interplay in the downstream oil and gas sector, fuel prices dropped in recent weeks to between N935 and N1,115 per litre from N1060 and N1,300.

Also, President Bola Ahmed Tinubu’s signing of N70,000 minimum wage could pass as economic landmarks in 2024.

Also significant is the gradual stabilisation of the Naira at the FX market with the introduction of the Electronic Foreign Exchange Matching System (EFEMS) as the FX rate stood between N1,540 and N1,660 at official and black markets, respectively, from over N1,700 per dollar.

This comes amid a marginal growth in Nigeria’s Gross Domestic Product, GDP, which grew by 3.46 percent from 2.9 percent in 2023.

The Nigerian government achieved another feat over the clearance of a $7 billion foreign exchange backlog.

Economic Outlook for 2025

2025 holds hopes for better Nigeria with the yet-to-be-passed budget of N49.7 trillion annual expenditure and improved economic realities.

The director of CPPE, Yusuf has projected that inflation may moderate slightly in the coming year.

President of Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, forecast further fuel price drop amid competition between Dangote Refinery and NNPCL.

2025 a Mix of Hope, despair – Oyedokun

Popular economists believe that the emergence of domestic refineries and improved fiscal policies present an optimistic outlook for the Nigerian economy in 2025.

Prof. Godwin Oyedokun, a don at Lead City University in Ibadan, spoke to DAILY POST in an exclusive interview on Monday.

According to him, 2024 has been a year of stark contrasts for the Nigerian economy- a year of both significant challenges and a glimmer of hope.

Speaking on low points in the year under review, Oyedokun identified fuel and electricity woes.

“The year was plagued by persistent fuel scarcity and soaring fuel prices, crippling businesses and exacerbating inflationary pressures.

“Frequent power outages further hampered economic activity and stifled productivity across sectors.

“Inflationary Spike: Double-digit inflation eroded purchasing power, squeezed household budgets, and increased the cost of doing business.

“High-Interest Rate Environment: The Central Bank of Nigeria’s aggressive monetary tightening policy, with interest rates reaching a multi-year high of 27.5 percent, significantly increased borrowing costs for businesses and individuals, hindering investment and consumption and exchange rate volatility.

“The Naira experienced significant depreciation against major currencies, further fuelling inflation and increasing the cost of imports,” he stated.

On the flip side, he said the high points of Nigeria’s economy in 2024 include resilient economic growth, stressing that “despite the headwinds, the Nigerian economy demonstrated resilience, recording a 3.46 percent GDP growth in the third quarter of 2024.

“This growth, while moderated by challenges, showcased the underlying strength of the Nigerian economy.

“The emergence of domestic refineries, the commissioning of the Dangote Refinery in Port Harcourt, and the recent inauguration of the Warri refinery marked significant milestones in Nigeria’s efforts to reduce fuel imports and enhance energy security.

“These developments hold the potential to alleviate fuel scarcity and stabilise fuel prices in the long term.”

Speaking on the Economic Outlook for 2025, Oyedokun described it as a mix of hope and despair.

“The economic outlook for 2025 remains uncertain, fraught with both potential opportunities and significant risks.

“The Nigerian economy faces a complex and uncertain path in 2025. While the emergence of domestic refineries and continued economic growth offer reasons for optimism, significant challenges remain, including high inflation, unemployment, and political uncertainty.

“The success of the Nigerian economy in 2025 will depend on the government’s ability to address these challenges effectively, implement sound economic policies, and create an enabling environment for businesses to thrive,” he told DAILY POST.

[DailyPost]

President Bola Tinubu in his New Year message on Wednesday emphasised a positive economic outlook for 2025, highlighting key achievements in 2024.

Here are ten major takeaways from Tinubu’s New Year speech:

1. Positive Economic Outlook for 2025:

President Tinubu emphasised a positive economic outlook for 2025, highlighting key achievements in 2024, such as the strengthening of the Naira, three consecutive quarters of foreign trade surpluses, and decreasing fuel prices.

2. Record Stock Market Growth and Foreign Investment Surge:

The stock market experienced record growth, creating trillions in wealth, and a surge in foreign investments demonstrated renewed confidence in the Nigerian economy.

3. Reducing Inflation and Boosting Local Production:

He said the government is committed to reducing inflation from 34.6% to 15% by increasing food production and promoting the local manufacturing of essential drugs and medical supplies.

4. Establishment of the National Credit Guarantee Company:

The National Credit Guarantee Company will be established by the second quarter of 2025 to expand credit access for individuals and underserved groups, such as women and youth, and to drive economic growth and re-industrialization.

5. Achieving a One-Trillion-Dollar Economy:

A key national objective is achieving a one-trillion-dollar economy through sustained reforms and collaboration among government levels while promoting unity and focus on development.

6. Launch of the National Values Charter:

The National Values Charter will be unveiled in the first quarter of 2025, promoting ethical principles, patriotism, and trust between citizens and the government under the National Identity Project.

7. Youth Empowerment through Youth Confab:

The Youth Confab, set to launch in early 2025, will empower young Nigerians as nation-builders, with the Ministry of Youth coordinating the selection of representatives.

8. Collaboration with States on Key National Initiatives:

State governments are urged to collaborate with the federal government on initiatives like agriculture, livestock, and tax reforms, while embracing energy transitions such as CNG and electric vehicles.

9. Encouragement for Unity and Shared National Goals:

Citizens are encouraged to remain united and committed to national goals, avoiding divisive tendencies based on politics, ethnicity, or religion, to ensure the success of the Renewed Hope Agenda.

10. Gratitude for Sacrifices and Assurance of a Bright Future:

President Tinubu expressed gratitude for citizens’ sacrifices over the past 19 months, reassuring Nigerians that their efforts will yield progress toward the nation’s bright future and shared dreams.

[TheNation]

Happy New Year to the good people of a great nation, Nigeria!  What a rough and tough year 2024 has been! To have survived the turpsy-turvy of last year shows how resilient and long-suffering Nigerians are. What with the rising cost of living that threatens to snuff life out of the common man? Life is full of ups and downs. Economists will say ceteris paribus, meaning other things being equal. For most Nigerians, things are not balanced. More people dropped into poverty and unemployment, while insecurity remains a daunting challenge.

What are the salient political events that shaped 2024? There are several of them including the fact that Nigeria was able to celebrate 25 years of unbroken, uninterrupted civil rule i.e. 1999 to 2024. The National Assembly inaugurated constitutional reform committees; the Independent National Electoral Commission came up with 142 political cum electoral reforms recommendations; INEC conducted Edo and Ondo off-cycle governorship elections in September and November 2024; the July 11  Supreme Court judgement granting financial and administrative autonomy to the Local Governments; the raft of local government elections across several states; leadership crises and supremacy battles in many of the 19 registered political parties currently operating in Nigeria; the gale of defections of lawmakers from the opposition political parties to the ruling All Progressives Congress;  the merger talks among the opposition political parties and President Tinubu’s cabinet reshuffle.

INEC’s Chairman, Prof. Mahmood Yakubu, last month outlined the commission’s vision to address long-standing challenges and modernise election management. He was quoted as saying, “Having released our 524-page main report on the election, a copy of which is available on our website, we have consulted widely internally with our own officials and externally with all major stakeholders. With the conclusion of five major off-cycle governorship elections and nine out of 21 bye-elections since the 2023 general election, this is the most appropriate time for us to commence the implementation of the recommendations arising from our review of the general election.”

Yakubu said further, “From the internal and external engagements, the commission has identified 142 recommendations dealing with the general state of preparedness, voter management, voter education and public communication, political parties and candidate management, electoral operations and logistics management, election officials and personnel, partnership and collaboration, monitoring and supervision, election technology, voting and result management, election security, electoral offences and the electoral legal framework. Of these, 86 require administrative action by the commission, 48 depend on collaboration with stakeholders, such as security agencies and civil society organisations, and eight involve legislative amendments by the National Assembly.” It is hoped that the National Assembly will expedite actions on constitutional and electoral reforms in this new year so that implementation can begin in earnest ahead of the 2027 general elections. I must, however, hasten to say that attitudinal reform is imperative if we are going to have credible and peaceful elections.

One of the landmark events of 2024 was the July 11 Supreme Court judgement on local government autonomy. This was a fillip that has been widely lauded and remains a legacy achievement of the President Tinubu administration. The Supreme Court by that verdict said the funding accruable to the 768 local governments and six area councils should be paid directly into the accounts of the councils rather than the joint state/local government account, which has been grossly abused over the decades by the state governors.

There is also the adherence to Section 7 of the Nigerian Constitution, which states that local governments should be democratically governed. Thus, several states conducted local government elections in 2024. However, the quality and credibility of those elections leave much to be desired. The ruling party at the state level ended up winning all the councillor and chairmanship seats in a grassroots election where many of the opposition political parties were supposed to win some seats. The exception to the landslide and ‘moonslide’ victories by the ruling party in the states happened in Rivers and Abia States, where an orchestrated and stage-managed political upset was recorded, in which case opposition political parties roundly defeated the party of the state governors.

The purported ‘coronation’ rather than elections at the local government levels in Nigeria made the National Assembly toy with the idea of establishing a centralised electoral management body called the Local Government Independent Electoral Commission.  Yesterday on the Nigerian Television Authority, I argued that for there to be credible LGA elections, financial autonomy must be granted to the state independent electoral commissions. This was the game changer for INEC since 2010. It is heartwarming that Nigeria has successfully had seven general elections and hundreds of bye-elections as well as off-cycle governorship elections in 25 years. Progress is slow, but I dare say that our electoral democracy is taking root. On the economic front, several epochal events happened in 2024. They include the restreaming of Port Harcourt and Warri refineries after decades of wasteful and unproductive turnaround maintenance of the state-owned refineries. The effective commencement of production of refined petroleum products by the Dangote Refinery and Petrochemical Company and the kick-starting of the presidential initiative on compressed natural gas have seen many commercial and private vehicles recalibrate their vehicles to use CNG. Today, CNG buses are plying Nigerian roads and it is hoped that with the reduction in the pump price of petrol from over N1,000 to about N935 per litre, transport fares will soon start to come down after the festivities.

2024 also saw the finalisation and passage into law of a new national minimum wage of N70,000 from the previous N30,000. The Federal Government and most of the states have started paying the new minimum wage. However, several members of the organised private sector and the informal businesses are yet to comply.

To make matters worse, the purchasing power parity of the naira has weakened while headline inflation stands at about 34 per cent, and food inflation is over 40 per cent. The rising cost of living has made many Nigerians drop below the poverty line so much so that the 133 million multidimensional poor Nigerians of 2022, according to the National Bureau of Statistics, have substantially increased. This manifests in the over 80 Nigerians who were trampled to deaths across Oyo and Anambra States and the Federal Capital Territory while struggling for food palliatives from charity organisations and philanthropists. Mention must be made of the August 2024 hunger protests, otherwise referred to as #EndBadGovernance protests across the country.

Unemployment figures have soared due to the inclement business environment. Many nano, micro, small and medium enterprises have closed due to high operational costs. The interest rate on loans in Nigeria is currently over 30 per cent. However, the Tinubu administration has disbursed billions of naira in loans to small and medium business enterprises at a single-digit interest rate. In this new year, the government will need to prioritise ease of doing business.

One of the most audacious attempts at economic restructuring in 2024 is the four tax reform bills, which President Tinubu sent as executive bills to the National Assembly. Northern governors and lawmakers seemed to be against a section of the bill that had to do with the sharing formula for Value Added Tax. However, the President had instructed the National Assembly to liaise with the Federal Ministry of Justice to look into the grey areas to strike a compromise. I do hope these landmark bills will be passed in this new year, as there are a lot of benefits to ordinary citizens in those bills.

May this 2025 be a better year for us all!