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Sunday, February 25, 2024

President Tinubu vows economic rebirth in new year address, promises swift reforms

Tinubu outlines tough decisions, projects revival in 2024 as he addresses the nation

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In his inaugural New Year address, President Bola Tinubu addressed the nation, delving into the challenging steps taken to reform Nigeria’s economy and assuring citizens that the current economic hardships would be short-lived, with transformative results expected in 2024.

Upon assuming office in May 2023, President Tinubu announced the cessation of the longstanding petrol subsidy, deeming it an “unsustainable financial burden.” Additionally, he unified the exchange rate, liberating the foreign exchange system from the control of a privileged few. However, these decisions led to increased living costs, inflation, and operational challenges for individuals and businesses.

Reflecting on the “difficult but necessary” choices, Tinubu acknowledged the discomfort experienced by Nigerians due to these reforms. He emphasized an awareness of the rising cost of living, inflation exceeding 28 percent, and an unacceptable underemployment rate. Despite the current challenges, Tinubu urged Nigerians to endure, assuring them that tough times are transient.

He conveyed a message of resilience, stating, “The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria.” Tinubu highlighted his administration’s commitment to economic recovery, referencing agreements at COP28, the revamping of local refining, and bolstering agricultural production.

Tinubu provided insights into ongoing power infrastructure projects, signing deals for the Siemens Energy power project and ensuring constant food supply through farmland cultivation. The President also promised a new national living wage for workers, underlining its economic and moral significance.

With a pledge not to tolerate non-performance from his appointees, Tinubu called for unity and collaboration, extending an olive branch to political opponents and emphasizing collective responsibility.

This address positions Tinubu’s presidency as navigating challenging reforms while fostering optimism for a renewed, economically vibrant Nigeria in the coming year.

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