President Bola Tinubu reaffirms his administration’s commitment to lowering Nigeria’s inflation rate from 34.6% to 15% by the end of 2025.
In his New Year message delivered on Wednesday, the president outlines strategies to achieve this goal, including increasing food production and supporting local manufacturing of essential medical supplies. “Our government is resolute in its ambition to bring inflation down from 34.6% to 15% by 2025,” Tinubu states.
Tinubu highlights key economic achievements in 2024, such as declining fuel prices, consecutive foreign trade surpluses, rising foreign reserves, and a more stable naira. He also notes record-breaking growth in the stock market and an increase in foreign investments, which he says signal global confidence in Nigeria’s economic reforms.
However, the president acknowledges ongoing difficulties, particularly the high costs of food and essential drugs. “We understand the strain on households, and in 2025, we will intensify efforts to alleviate these challenges,” he assures.
While reflecting on the economic hardships of 2024, Tinubu expresses confidence in a brighter future. “Though the past year has tested our resilience, I believe 2025 will bring better opportunities and stability for our nation,” he says.
The president’s 2025 budget, unveiled on December 18, 2024, prioritizes reducing inflation through targeted investments in critical sectors. The ₦22 trillion budget includes significant allocations for defense and security (₦4.91 trillion), infrastructure (₦4.06 trillion), health (₦2.4 trillion), and education (₦3.5 trillion).
Despite these plans, analysts question the feasibility of the inflation target, citing the surge from 22.41% in May 2023, when Tinubu assumed office, to 34.6% by November 2024. Many attribute this rise to policy changes such as the removal of the petrol subsidy and the unification of exchange rates.
In addition to addressing inflation, Tinubu expresses optimism about stabilizing the naira. He predicts the exchange rate will improve from ₦1,700 per dollar to ₦1,500 per dollar by the end of 2025.
As of the close of 2024, the naira trades at ₦1,535 per dollar, reflecting a 40.9% depreciation for the year. This follows a similar trend in 2023 when the currency ended at ₦907.11 per dollar, marking a 49.1% decline.
Tinubu assures Nigerians that his administration remains focused on implementing reforms to foster economic growth, stability, and prosperity.
