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!

 Plateau State Governor Caleb Mutfwang granted absolute pardon to one prisoner, paid fines for 10 others, and had their various jail terms quashed as a part of his goodwill for the new year.

The Governor announced this in a state-wide broadcast on the new year day, as he welcomes citizens to what he termed as “a year of hope renewal, great opportunities and transformative progress,” for Plateau State.

He highlighted the efforts he has made in governance, commended President Bola Tinubu, citizens, and security personnel for their support, trust, prayers, sacrifices, and diligence, and expressed optimism that with the cooperation of all stakeholders, the State would prosper.

His words, “I welcome you to the year 2025 – a year of hope renewal, great opportunities, and transformative progress for our beloved State… Despite the hurdles we encountered, we made bold investments in technology and logistics to strengthen the surveillance and protection of our rural communities. Our efforts have already begun yielding significant results, as unprovoked attacks, once rampant, are steadily declining.

“While we have recorded progress, some communities continue to face security challenges, we will not rest until enduring peace is achieved across Plateau State. I extend my heartfelt condolences to all those who have suffered from attacks across the State. Your pain is our pain. We remain committed to partnering with the Federal Government and other stakeholders to end these avoidable tragedies.

“It is sad that some individuals have taken child trafficking as business to exploit our children. The government under my watch will take decisive action against those who indulge in this criminal activity. I encourage parents to take absolute responsibility for raising their children and safeguarding them against this menace.”

He listed the efforts made in sectors like transportation, agriculture, ICT, education, health, water and sanitation, urban renewal, energy, infrastructure, etc, and added, “In 2025, we are committed to building neighbourhood markets across the Jos – Bukuru metropolis while establishing modern community markets in each of the three Senatorial Districts.

“We will also focus on technological advancement. Plans are in place to revitalize the Nigerian Standard Building into a hub for tech-driven employment for Plateau’s youths. Our collaboration with Galaxy Backbone Limited will enhance internet accessibility and introduce e-governance initiatives for greater transparency and efficiency.

“The Plateau State ICT Development Agency (PICTDA) will also develop skills to position the State as an ICT hub. As we step into 2025, let us embrace the year as one of consolidation, sustainability, and fulfillment. Already, we are engaging in strategic discussions with Plateau youths, the business community, and elders to foster unity and progress.

“We are determined to revitalize and make functional all traditional institutions in the State to take charge of their domain. We appeal to ethnic nationalities and communities where vacuum exists to speedily remove all impediments to allow vacant stools to be lawfully occupied.”

On the offenders, he stated, “I am pleased to announce that fines were paid for various offenders who committed various offenses and their jail terms were quashed. They include: Moses Reuben – Absolute pardon. Payment of fines was done for Saleh Muhammadu, Mohammed Ado, Safa David, Timothy Sunday, David Yusuf, Abba Ahmed, Umar Adamu, Manasseh Dada, Na’Answan, and Sunday Joseph.”

[Vanguard]

President Bola Tinubu says his administration will establish a National Credit Guarantee Company before the end of the second quarter (Q2) of 2025.

Tinubu spoke on Wednesday during his New Year speech.

The president said his administration would consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“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,” he said. 

“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.

“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

“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.”

Tinubu said the initiative would strengthen the confidence of the financial system, expand credit access, and support underserved groups such as women and youth.

The president also said the company would drive growth, reindustrialisation, and better living standards for Nigerians.

[TheCable]

Governor Monday Okpebholo of Edo state flew into Akwa Ibom late in the afternoon of Saturday, December 28, to visit Senator Godswill Akpabio and express his profound gratitude for the singular role the senate president played in his emergence as governor in the September 21 election. But the visit has left in its wake a swirl of political undercurrents in both Akwa Ibom and Edo.

In Akwa Ibom, many APC chieftains are peeved that they were not invited to receive the Edo governor at Akpabio’s residence in Uyo and the dinner that was later hosted for the governor at Sheraton Hotel, Ikot Ekpene. For many, it is further proof that the party is still as divided as it has been for years. In Edo, the visit reverberated in a different way, setting off discussions about Akpabio’s second term bid as senate president and a possible challenge from Senator Adams Oshiomhole. The 2027 political season is unfolding in a rather dramatic way.

Unknown to many, Senator Akpabio is the main reason Okpobholo is governor today. On February 17, 2024, Dennis Idahosa, a member of the house of representatives was declared the winner of the Edo APC governorship primary. Backed by Senator Oshiomhole, Idahosa polled 40, 483 votes, beating other candidates. But it was a very controversial nomination process. Although the result was disputed by all other contestants, Idahosa’s main political weakness was that he is from Edo south senatorial district, the same district the outgoing governor, Godwin Obaseki, comes from.

And that’s where Akpabio, ever so quick to identify opportunities, comes in. The senate president reckoned that since the PDP’s candidate, Asue Ighodalo, is from Edo central which was favoured by the zoning arrangement, and the APC and Labour Party’s candidates are from Edo south, the chance of the PDP retaining victory was very high. The senate president reasoned that APC’s chance would be brighter if the party fielded a candidate from Edo central. But what could be done at this stage since a primary had already been held?

Mid-morning that February, Senator Akpabio rushed to the Villa to discuss the dilemma with Vice-President Kashim Shettima (President Tinubu was away on a foreign trip). He briefed the VP on the need to replace Idahosa with a candidate from Edo central. The VP listened attentively to Akpabio but was not willing to go with Akpabio’s recommendation, apparently because he did not want to offend Oshiomhole. Undaunted, Akpabio then got on the phone and spoke to President Tinubu who was in Ethiopia He marshalled out the merits of replacing Idahosa from Edo south with another candidate from Edo central because of the zoning arrangement and the fact that Idahosa is from the same zone as the exiting governor.

“The president was convinced by Akpabio’s arguments, but on the condition that Akapbio must see to the victory of APC in the election,’’ a well-placed source told this writer. Akpabio assured the president that he would pull all stops to clinch victory. The president then called Abdullahi Umar Ganduje, the party’s national chairman, and instructed him to organise another primary. The senate president tapped Monday Okpebholo, who was then a nondescript member of the senate, to enter the race. To take care of Oshiomhole’s interest, it was decided that Idahosa would now become the deputy governorship candidate to Okpebholo.

But why was Akpabio so concerned with the Edo election and the choice of APC’s candidate? The answer is self-preservation. If Senator Oshiomhole returns to the senate in 2027, he is likely to challenge Akapbio for the senate president position. So, in Akpabio’s calculation, it was politically expedient to whittle down Oshiomhole’s influence by denying him the opportunity to produce the governor. Akpabio only capitalised on Oshiomhole’s support for Idahosa.

“It was a smart political calculation by Akpabio and the senate president had to relocate to Edo state throughout the campaigns just to ensure that Okpebholo won as President Tinubu told him,” said an APC chieftain who was part of the intrigues. Akpabio’s manoeuvres to get Okpebholo elected typify the kind of cold calculations that our political leaders bring up just to sustain and promote their self-interests. How I wish they were so innovative in dealing with our economic problems. When Governor-elect Okpebholo visited President Tinubu in the Villa after the election, the president confirmed Akpabio’s role in APC’s victory. Tinubu told the governor-elect, “you have Akpabio to thank for your emergence as governor”.

In Uyo during the Christmas holidays, the senate president was in a buoyant mood when the Edo governor came calling. He praised Okpebholo for his self-effacement and resilience and bragged about APC winning more states in the region. Is the senate president looking at Rivers, Delta, Bayelsa or Akwa Ibom state as the next target?

From all indications, the party does not stand a chance of taking Akwa Ibom. It is too weak, divided and factionalised in the state to launch a major assault against the PDP which has governed the state since 1999. Even Akpabio’s guest list at the dinner he held for the Edo governor was telling enough.

Only a handful of APC leaders like Senator Ita Enang (former presidential adviser); Victor Antai (NDDC executive director, projects); Ezekiel Nya-Etok (director, Federal Housing Authority); Eunice Thomas (NNPC director) and Ekperikpe Ekpo (minister of state petroleum (gas)) attended, while chieftains like Umana Umana (former minister of Niger Delta Affairs); Don Etiebet (former petroleum minister); Obong Nsima Ekere (deputy governor to Akapbio himself); Sam Ewang (businessman and former military governor of Ogun and Rivers state); Valerie Ebe (another of Akapbio’s deputy governor) and Ita Udosen (APC south-south zonal secretary) were among those who were not invited to the dinner party because of their perceived political disagreements with Akapbio.

“How can the senate president host such a high-profile event and majority of our leaders were not invited? That’s a symptom of serious internal discord and disharmony within the party and that does not bode well for the party,’’ said Elder Aniefiok Isatt, APC leader from Uyo.

Fellow Nigerians,

As we enter 2025, I wish everyone a happy and prosperous New Year. May you be rich in joy, success, and good health.

As the new year dawns, it 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.

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.

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.

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% to 15%. With diligent work and God's help, we will achieve this goal and provide relief to all our people.

In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

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 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.

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.

CITIZENSHIP

To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria.

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.

I will unveil the National Values Charter, already 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.

The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference's representatives from our diverse, youthful population.

Dear Compatriots, I urge you to continue believing in yourselves and keeping faith in our blessed country.

Let me use this New Year's message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward. I commend 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.

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.

God bless you all, and may God bless our beloved country, Nigeria.

Happy New Year and a prosperous 2025 to you all!

Bola Ahmed Tinubu,
President of the Federal Republic of Nigeria

Although the Tinubu Administration’s midterm is five months away, President Bola Ahmed Tinubu can proudly reflect on his administration’s journey over the last 19 months. After initial turbulence, the government concluded 2024 stronger than 2023, as many policies began yielding significant results that even the most ardent detractors could not ignore.

Under President Tinubu’s leadership, NNPC Limited has fixed two of the four state-owned oil refineries, achieving what many had cynically regarded as improbable. The administration’s efforts have led to a rise in crude oil production, with an expected inflow of more dollars into the Federation Account and remarkable accretion into the foreign reserves. The government remains focused on gas development, attracting investors’ interest. Dollars have flowed into the country through fresh investments in several sectors. The administration created an innovative Ministry of Livestock Development to unlock the previously untapped potential in animal husbandry, steering the country from tragedy to opportunity.

The lucrative stock market ended the year on a high note, breaking its initial record under the Tinubu presidency. The All Share Index hit over 103,000 from 55,738 on May 30 2023. Market capitalisation is over N63 Trillion. In the last 19 months, local and foreign investors have invested unprecedented amounts in the market.

The government is also expanding the national road infrastructure stock by building legacy superhighways from Lagos to Calabar and Sokoto to Badagry.

The administration’s successful euro bond issuance of $2.2 billion notably attracted over $9 billion in interest, while a domestic dollar bond of $500 million was oversubscribed. These developments indicate confidence in the Nigerian economy.

Revenue generation has increased, and all tiers of government received more funds to spend on the welfare of Nigerians, including the 774 local councils that recently won financial autonomy.

November and December 2024 proved especially remarkable. Shell and Partners announced an estimated $5 billion investment in the Bonga North oil field. Brazil’s JSB, one of the world’s leading integrated livestock companies, announced a $2.5 billion investment in livestock development in Nigeria, with some officials flying into the country to actualise the pledge. Fuel prices began to decrease amid competition from local refineries, supporting President Tinubu’s belief that market forces would lower the prices of consumer goods to benefit Nigerians. For the first time in our history, the proposed 2025 budget included no provision for a fuel subsidy. There was no scarcity, too. Instead, the government has proposed more funds for capital expenditure, health, education, and national security in the record-breaking N49.7 trillion budget. Critics remain silent as positive indicators continue to emerge.

Not an accidental president, Tinubu took office on May 29, 2023, with a clear vision for Nigeria: to renew hope through a programme of action to foster economic diversification, stability, and prosperity and build a trillion-dollar economy.

He has implemented many of his campaign promises and those in his Renewed Hope Agenda.

Although unintended consequences have emerged, temporarily affecting the well-being of all Nigerians, the administration is working hard to ameliorate the burden on the masses.

President Tinubu consistently implements reforms, daring to confront headlong the country’s many hydra-headed socio-economic problems and committing to the transformative change the country urgently requires. Posterity will be kind to him and remember his era as a reform-minded leader.

Positive signs continue to emerge: apart from declining fuel prices, the country recorded foreign trade surpluses for three consecutive quarters, foreign reserves are rising, and the Naira is gaining strength against the US dollar.

One notable achievement of President Tinubu’s tenure is fulfilling his promise to implement a student loan programme. This initiative financially supports students, ensuring that higher education is accessible to all, regardless of economic background. Investing in the education sector, the administration aims to empower the youth and equip them with the skills needed for Nigeria’s future growth.

In addition to the student loan scheme, President Tinubu has advanced the consumer credit initiative, another campaign promise, and plans to deepen it in the first quarter of 2025. Promoting access to credit is part of the administration’s broader strategy to stimulate consumption, drive entrepreneurship, and boost the domestic economy.

On his first day in office, President Tinubu decisively eliminated the fuel subsidy, which had long burdened Nigeria’s economy. While the initial removal triggered higher fuel prices, the market is now experiencing a downward trend. This development illustrates the administration’s commitment to market-driven pricing and economic efficiency, which should benefit public investment in critical sectors in the long term.

The administration introduced electric vehicles and Compressed Natural Gas (CNG) as alternatives to reduce Nigerian dependency on petrol. In the past 12 months, more Nigerians have converted their vehicles to CNG, spurred by government and private sector investment. A new industry is gradually unfolding, creating new jobs along the value chain whilst promoting a cleaner environment.

Another bold economic reform was unifying Nigeria’s multiple exchange rates, which previously caused economic distortion, criminal arbitrage, and speculation. Following an initial depreciation, the Naira has stabilised against the US dollar, reflecting increased investor confidence and a more transparent foreign exchange policy.

Investment inflows further testify to the positive impact of President Tinubu’s policies. The oil, gas, and solid minerals industries are experiencing renewed interest and investment. These sectors are crucial for enhancing Nigeria’s export capacity and creating jobs, thus driving economic diversification and growth. Moreover, Nigeria’s foreign reserves have shown a promising increase, bolstered by improved trade balances and strategic monetary and fiscal management.

Looking ahead to 2025, President Tinubu plans to introduce what could be his most transformative reform yet—tax restructuring. With four bills before the National Assembly, the proposed reform seeks to streamline tax systems and administration in Nigeria to promote better investment and a friendly business climate.

Under the proposed tax reform, low-income earners under the minimum wage bracket and small businesses within a certain threshold will be exempt from paying taxes. The administration’s mantra is that taxes should focus on prosperity, not people’s or businesses’ hardships. The government focuses on expanding the tax net, making taxes less burdensome to taxpayers, and getting wealthy people to pay their fair share. This progressive approach reflects the administration’s commitment to equity and fiscal sustainability.

However, the road to reform does not come without challenges. President Tinubu faces resistance, particularly from politicians and tax evaders who have expressed concerns about the implications of the changes that will come with reforming our tax systems. President Tinubu, who is not oblivious to the pushback, has said he is willing to make necessary adjustments, as democracy is about negotiations, give and take.

President Tinubu’s administration has demonstrated firm determination over the last 19 months to succeed against all odds and reposition the economy for better performance.

While challenges remain, especially with food inflation, President Tinubu’s leadership has shown a proactive and committed approach to addressing these issues. The administration’s trajectory suggests a path toward Nigeria’s economic stability and social development. Though it is not midterm for the administration, realising a prosperous and equitable country looks promising and achievable. The Tinubu administration is undoubtedly steadfast in its resolve to improve Nigeria, and it’s on course to achieve all the campaign promises to the people.

•Onanuga is the Special Adviser on Information and Strategy to President Tinubu