President Tinubu reveals plans in New Year address.
In his first ever New Year address to the nation, President Bola Tinubu affirmed his commitment to steering Nigeria away from a looming financial crisis through tough economic reforms.
The president acknowledged the prevailing challenges of high inflation, rising living costs, and underemployment, emphasising that the difficult decisions taken over the past seven months were essential to avert fiscal catastrophe.
Tinubu reassured Nigerians that the harsh economic realities were temporary, expressing confidence that the reforms would yield positive results in 2024.
He acknowledged the frustrations of citizens but urged them to remain patient, stating, “Dear Compatriots, take this from me: the times may be rough and tough; however, our spirit must remain unbowed because tough times never last.”
Looking ahead, the President outlined his administration’s commitment to economic recovery. He highlighted agreements made at COP28 to enhance Nigeria’s power infrastructure, emphasising the importance of steady electricity supply for meaningful economic transformation.
Tinubu also revealed plans to restart local refining of petroleum products with the Port Harcourt Refinery and the fully operational Dangote Refinery.
President Tinubu emphasized the significance of a recently signed deal in Dubai, witnessed alongside German Chancellor Olaf Scholz, to expedite the Siemens Energy power project. This deal is expected to deliver a reliable supply of electricity to homes and businesses under the Presidential Power Initiative, initiated in 2018.
Recalling pivotal decisions made upon assuming office in May 2023, Tinubu highlighted the end of the petrol subsidy, describing it as an unsustainable financial burden. He also unified the exchange rate, breaking the “chokehold of few people” on the foreign exchange system, which he argued had primarily benefited the rich and powerful.
While these decisions led to initial challenges such as soaring inflation and increased living costs, President Tinubu urged Nigerians to see beyond the current difficulties.
He called for unity and renewed commitment to building a better nation, asserting, “Our current circumstances should make us resolve that this new year, 2024, each and every one of us will commit to be better citizens.”
