Fuel Prices Reduced, Naira Strengthened Against Dollar In 2024— President Tinubu Says In New Year Message

By Damilare Adeleye

President Bola Tinubu says the reforms being implemented by his administration are yielding positive results as seen in the gradual reduction of petrol prices as well as strengthening of Naira against the US dollar.

This is as the President added that there have been foreign trade surpluses in three consecutive quarters of last year, and increase in foreign reserves due to the economic reforms.

President Tinubu made this known in his New Year message to Nigeria on Wednesday, January 1.

The Nigerian leader said though 2024 posed numerous challenges to the citizens and households, he however expressed confidence the New Year will bring brighter days.

“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days,” Tinubu said.

“Economic indicators point to a positive and encouraging outlook for our 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.”

He added that, “In 2025, our government is 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.“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

“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 Ministry of Finance Incorporated, the private sector, and multilateral institutions.

“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.”

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