Nigeria enters New Year amidst high inflation challenges

Emphasizing the significance of the transition year, Tinubu commended the peaceful and successful transfer of power, marking another step forward in the country's 24-year unbroken democratic journey

In an early morning national broadcast on Monday, President Bola Tinubu conveyed his New Year wishes to the people of Nigeria while reflecting on the challenges and milestones of the past year.

Emphasizing the significance of the transition year, Tinubu commended the peaceful and successful transfer of power, marking another step forward in the country’s 24-year unbroken democratic journey.


Addressing the nation, President Tinubu underscored his commitment to steering Nigeria toward becoming the destination of choice for both local and foreign investments.

He acknowledged the challenges faced during the past year, describing it as “eventful in so many ways”. He highlighted his dedication to making decisions in the nation’s best interest.

“Everything I have done in office, every decision I have taken, and every trip I have made outside the shores of our land since I assumed office on May 29, 2023, I have done in the best interest of our country,” President Tinubu affirmed.

One of the significant policy changes highlighted in the broadcast was the removal of the longstanding fuel subsidy, a decision to address the unsustainable financial burden that has persisted for over four decades.

President Tinubu acknowledged the discomfort this decision may have caused individuals, families, and businesses but assured the nation that these tough times would not be prolonged.

“In the past seven months of our administration, I have made difficult yet necessary decisions to save our country from fiscal catastrophe,” the president stated.


Another critical reform unveiled in the broadcast pertained to the foreign exchange system.

President Tinubu addressed the need for changes, aiming to break a few individuals’ chokeholds on the system, benefiting only the wealthy and powerful. The reforms are expected to bring about a more equitable distribution of resources.

While acknowledging the challenges posed by these economic reforms, President Tinubu remained resolute in his commitment to ensuring that every Nigerian feels the positive impact of his government.

He pledged to work diligently to make Nigeria a beacon for both local and foreign investors.

“I took an oath to serve you, and I will always give my best,” President Tinubu reassured the nation.

The president also extended a call to political opponents from the 2023 presidential elections to join hands and collaborate for the betterment of the country.

This appeal for unity and cooperation reflects Tinubu’s commitment to fostering a sense of national cohesion.

The broadcast covered a range of critical issues, including security, steady power supply, food affordability, fiscal and tax policy reforms, and implementing a new minimum wage for workers.

President Tinubu’s comprehensive approach to addressing these challenges signifies a proactive stance to steer the nation towards sustained economic growth and development.

As Nigeria steps into the new year, President Bola Tinubu’s bold economic reforms signal a commitment to tackling longstanding issues and building a prosperous future for the nation.

The journey may be challenging, but the president’s unwavering leadership sets a promising tone for the year early.


This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members

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