…Prays for peace, progress of state

Governor Siminalayi Fubara of Rivers State has expressed solid faith in the omnipotence of God to crush self-styled enemies of the state and its people.

Fubara spoke at the crossover into 2the 025 church service held at St. Paul’s Anglican Church, Opobo Town in Opobo/Nkoro Local Government Area, yesterday. 

He raised a gallantry song, with the brethren picking up the lines, and singing along: “At the mention of your name (God), every knee shall bow. At the mention of your name, every tongue confesses. That you are Lord, you are Lord, you are King, you are King of kings.”

Fubara said the wordings of the song were not just consolatory but a charge to embolden the people to firm up their trust in God, who alone, can navigate the path to greater triumph in the New Year.
He said: “The Red Biro is still filled. It is still here with me. Every enemy plan will continue to crash,” and wished everyone a happy new year.

The Bishop of the Anglican Diocese of Niger Delta, Dr Emmanuel Oko-Jaja, who conducted the service, recalled the many challenges, including conspiracy, blackmail, attacks, economic hardship and ill-health and near hopeless situations experienced in 2024 but quickly added that those troubles never overwhelmed the brethren.

Oko-Jaja said God has given a new song of triumph to those who are grateful to Him for the marvellous works perfected in their lives, admonishing them that in the New Year, God will faithfully uphold, deliver and ensure that they continue to live victoriously.

He prayed for peace, unity, progress and accelerated development of the State in line with the key targets of the state government’s 2025 Budget of Inclusive Growth and Development.

Highlights of the service included praise and worship, choir ministration, which ushered in 2025 at midnight Tuesday with shouts of ‘Happy New Year’ renting the air.

Those who joined the governor in the service include, Speaker, of Rivers State House of Assembly, Mr. Victor Oko-Jumbo; Chief of Staff, of Government House, Dr Edison Ehie, some members of the National Assembly, Awaji-Inombek Abiante, Boma Goodhead, Anderson Igbiks, and Amanyanabo of Opobo Kingdom, King Dandeson Jaja.

Others were Senator Adawari Pepple, former Inspector-General of Police, Mike Okiro, Theodore Georgewill, Dr. Tamunosis Gogo-Jaja, members of the State Executive Council, some Local Government Council chairmen; elders; political leaders; and key stakeholders in the state.

[Vanguard]

A chief magistrate court in Kaduna has ordered the remand of Shehu Mahdi, a public affairs and political commentator, in a correctional facility.

Operatives of the Department of State Services (DSS) arrested Madhi in Kaduna over the weekend after he posted inciting content, including a video online claiming that President Bola Tinubu granted France the approval to set up a military base in northern Nigeria.

The now-deleted post was uploaded on December 14 and accompanied by a video of a Nigerian Army officer speaking Hausa while the background showed a foreign soldier.

Nuhu Ribadu, the national security adviser (NSA), and Mohammed Idris, minister of information and national orientation, have since debunked the claims as baseless.

Findings by CableCheck revealed that the claim that the French military has been deployed in Maiduguri, Borno state capital, to establish a military base in Nigeria is false.

At the court session on Tuesday, the DSS arraigned Mahdi before Abubakar Lamido, the presiding magistrate, on a two-count charge of conspiracy, aiding, and abetting terrorism.

The offences are said to be contrary to section 26(2)(3) of the Terrorism (Prevention & Prohibition) Act, 2022, and inciting public disturbances is contrary to section 78 of the Penal Code Law of Kaduna state, 2017.

“In his ruling, Magistrate Lamido held that Mahdi remains in a correctional facility in Kaduna until January 14, 2025, for further hearing on the matter,” a statement by DSS said.

[TheCable]

Throughout history, religions and religious leaders have impacted the affairs of countries. For instance, the ‘Asian Miracle’ is in part explained by the discipline and work ethic integral to the Buddhist religion. Christianity, Hinduism, Judaism, Islam and other religions have also helped to shape societies. This is why some have remarked that with so many Christians and Muslims in Nigeria, there is very little Christianity and very little Islam. It appears that in our country, religion is only capable of serving as a tool for division and exploitation. It is therefore refreshing to see a Tik-Tok video of the Redeemed Christian Church of God (RCCG) General Overseer, Pastor Enoch Adejare Adeboye delivering what could be termed a ‘palace sermon’ to the Soun of Ogbomosoland, Ọba Ghandi Afọlábí Ọláoyè, Orumógege III. The ‘sermon’ was not about God or the Kingdom of God; it was about the Soun’s own domain. It is also, in a way, about leadership, although we will get to that later.

Since the former RCCG Pastor in Washington DC was crowned as Soun of Ogbomoso last year, he has been embroiled in a war of attrition with diverse interest groups within the community. The latest controversy began when the monarch appointed a ‘Palace Imam’, in a not-too-clever attempt to oust the Grand Chief Imam of Ogbomosoland, Dr Teliat Yunus Ayilara II, despite court injunctions restraining such action. It is even more interesting that there is no Mosque at the Palace where an Imam appointed by the monarch can lead prayer! “The fact that he (the monarch) is physically imposing, has considerable wealth and belongs to the IJGB (I Just Got Back) clan from America doesn’t mean he should disrespect his subjects or ride roughshod over us,” a prominent Ogbomosho indigene told me in response to Pastor Adeboye’s video I forwarded to him. “If he (the Soun) doesn’t heed the counsel of Pastor Adeboye, he won’t enjoy his reign.”

What the two contrasting views suggest is that all is not well in Ogbomoso, which is essentially the kernel of Pastor Adeboye’s message to the Soun, that he delivered publicly in Yoruba. It is about inclusion and the limits of temporal power. Although the Soun may be addressed as the unquestionable sovereign (Kabiyesi), Pastor Adeboye used a simple story to illustrate why the monarch must also recognize other “principalities and powers” in his domain if he wants to stay long and stay well on the throne. Interestingly, Pastor Adeboye prefaced his ‘sermon’ (delivered in four minutes) with apologies to non-Yoruba people who were with him during the encounter with the Soun. He said it would be disrespectful to address a Yoruba monarch in English. While still struggling with the interpretation, I discovered that Dr Lasisi Olagunju used the same intervention by Pastor Adeboye in his ‘Monday Lines’ column to address the issue of leadership in Nigeria. I have secured permission to reproduce his rendition of Pastor Adeboye’s message to the Soun:

Several years ago, there was an incident in a town called Ejigbo. It was noticed that the kings there died as soon as they ascended the throne. Then, it was the turn of a young man to be king. His case was a very precarious one. If he became king, he would die. If he refused to be king, it would be the end of his royal lineage in that town because he was the very last prince there alive. One day, the young prince was going to the farm in great sorrow. Then, he bumped into an old man because he was troubled. He begged the old man for forgiveness. “Omo aládé, kí ló dé?” (Prince, what is the problem?), the old man asked him. He told the old man his problem. “It is my turn to be king, but I don’t want to die.”

The old man listened to him; then told him it was a simple thing. ‘On the day of your enthronement, tell your drummers not to repeat the beat they used for your predecessors. They should change it.’ The old man then told the prince what his beat should say. Between them, it was a secret. The D-Day came. He became king. It was time for celebrations. The king came out to dance round the town. The witches of the town, devourers of the earlier kings, assembled as usual under their tree, waiting for the drumbeat.

The old beat was:

Eléjìgbò l’ó l’Èjìgbò;

Èmi nÌkan ni mo l’Èjìgbò.

(Eléjìgbò, the king, owns Ejigbo; I alone own Èjìgbò).

But by the time the drummers of the new king started beating the drum for him, they came with a new beat:

Eléjìgbò l’ó l’Èjìgbò;

T’èmi tì’e l’a l’Èjìgbò.

Eléjìgbò l’ó l’Èjìgbò;

Gbogbo wa l’a l’Èjìgbò.

(Eléjìgbò owns Èjìgbò; You and I own Èjìgbò. Eléjìgbò owns Èjìgbò; We all own Èjìgbò).

The witches exchanged glances. “This is strange! Who gave this young man this wisdom?” That was how the young king danced round the town. He was king and he was on the throne for a very long time. 

In his column, Olagunju said he took Pastor Adeboye’s intervention “as a sermon for all who think or take themselves to be owners of Nigeria.” Since conventional wisdom teaches that to whom you can whisper, you need not shout, I also believe Pastor Adeboye’s message was not only for the Soun but all those who hold positions of authority in our country. Otherwise, he could have quietly invited the monarch to Redemption Camp and deliver his ‘homily’ to him alone. But it is also a message that the Soun needs.

Even from Oba Ghandi’s public explanation regarding the crisis within his domain, it is evident that he may not be getting the right counsel. “Soun Ogunlola who founded the throne was a pure traditionalist; he worshipped Ogun deity. We Christians and Muslims are just intruding so to say; it originally belonged to the traditional religion worshipers so we should encourage religious harmony,” he said while dismissing the insinuation that the crisis is about religion. “I have refused to remove him (Chief Imam Teliat) despite him taking me to court. But I told him, ‘You can’t take me to court and be leading me in prayer’, We don’t go to court and become friends. You that took me to court your intention is to win, to win against the Oba, and you call yourself an indigene of this town. Such prayer can’t be answered, I believe. I am a pastor, if I take my member to court will I lead prayer, and such member will say amen?” The monarch further said: “I have been an alfa (pastor) for 32 years; I believe Imam Teliat was still wearing pants then. That is the truth. And as Christians, we don’t mount the pulpit to abuse a king, I don’t know your religion much but in Christendom, we don’t do that, although some pastors say nonsense too.”

When in September 2023 Governor Seyi Makinde announced the approval of Olaoye as the new Soun of Ogbomosoland, one of the first persons to congratulate him is the embattled Grand Chief Imam who called on all sons and daughters to “join hands with our Soun-Elect Prince Afolabi Olaoye in building a peaceful, harmonious and prosperous Ogbomosoland.” He ended his statement with a prayer: “May Almighty Allah bestow upon him, knowledge and wisdom, grant him long life and good health, bless his reign and increase Ogbomosoland in abundance.” So, whatever may be their differences now, the Soun should play his role as father of all. It is just as well that Pastor Adeboye ended his story to the Ogbomoso monarch with a familiar line in Yoruba adage: “Kabiyesi, half a word, as they say, is enough for the wise.”

Even if we discount the preeminent position he holds in Christendom in Nigeria, Pastor Adeboye is also a grand old man of 82, which means that he has been around long enough to have seen things. The Ogbomoso Kabiyesi would do well to listen to him. More importantly, other religious leaders could also learn a thing or two from this kind of intervention, especially those who have continued to use the pulpit to fan the embers of division and sow the seeds of discord in the land—just to earn the momentary applause of the mob. A multicultural nation like ours can only survive on mutual respect, inclusion and tolerance.

Now to the bigger picture. A crucial element in Pastor Adeboye’s story is the Yoruba Talking Drum that has been described as “Africa’s most essential and culturally significant instrument,” and an “assertive communication, healing, and empowerment tool.” It is often deployed to create sounds like words while connecting listeners with ancestors and sharing deep messages which perhaps explains its association with Yoruba palaces. The multivocality is where the Yoruba talking drum derives its power, a point of reference in African scholarship. This has given rise to a proverb: Kò sí ẹnì tó mọ̀ èdè àyàn, à fi ẹni tí ó mú ọ̀pá ẹ lọ́wọ́ (Only the man who wields the stick understands what the drum is saying). But the initiated, like the witches in Pastor Adeboye’s story, hear every word (and understand the embedded meaning) from the talking drum.

For nations, citizens are like those witches. They understand every drumbeat from their leaders. It is therefore a tragic error for a leader (political or traditional) to lose sight of his people, whether by neglecting their needs, failing to communicate effectively, or ignoring their perspectives. To situate that within the context of Nigeria, those who lead (at all levels and in all spheres) should understand that the old drumbeat must give way for the new, especially in this year 2025.

Reforms are good and quite necessary in critical sectors of our country today. But if citizens must sacrifice in the face of economic hardship, those elected to serve them cannot continue to live in obscene opulence. What is required is shared sacrifice which reawakens people’s faith in leaders and strengthens community bonds. In contrast, when leaders live like emperors and permit their children the indulgence of reviewing parades and inspecting guards of honour, it is a sign that they are still dancing to the old drumbeat.

The biggest mistake anybody in power, at any level, can make is to treat leadership as a position of authority rather than a responsibility to serve and elevate others. The inability to grasp that by a succession of elected and appointed public officials is why Nigeria is where we are today. But by recognizing the unique strengths of individuals from all backgrounds – whether based on race, religion, gender, ability, or experience – leaders can harness the full potential of the people for the advancement of their society. Therefore, to discard the old tune and embrace the new, Nigerian leaders must challenge their own biases and work to create a culture where discrimination and exclusion are not tolerated.

Now, let’s conclude with the message of the talking drum. Accountable leaders are always deliberate about the kind of tune that comes from their drummers. And they place the public good over their own indulgences and vanity while adhering to ethical standards. There may be no witches to deal with deviant inclinations, but in the fullness of time, the consequences of bad choices often become manifest.

I wish all my readers a most prosperous year 2025!

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]