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President Tinubu Speaks On $1trn Economy, Youth Confab, Taming Inflation In New Year Message [READ FULL TEXT]

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, in his New Year message to Nigerians, spoke on the economic outlook for the country in 2025 and the prospective interventions of his administration. The president also announced plans for the upcoming youth conference and his intention to unveil the National Values Charter, among other issues.

Here is the full text of the president’s New Year message.

Fellow Nigerians,

As we enter 2025, I wish everyone a happy and prosperous New Year. May you be rich in joy, success, and good health.

As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires.

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

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.

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.

On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.

We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.

I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.

We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.

CITIZENSHIP

To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria.

Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project.

I will unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together. The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.

As far-reaching and foundational as our reforms are, they can produce the desired outcomes only through shared common values and identities and unconditional love for our country.

The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population.

Dear Compatriots, I urge you to continue believing in yourselves and keeping faith in our blessed country.

Let me use this New Year’s message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward. I commend governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The Federal Government will always offer necessary assistance to the states.

To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain even in the months ahead. Together, let us stay the course of nation-building.

The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.

God bless you all, and may God bless our beloved country, Nigeria.

Happy New Year and a prosperous 2025 to you all!

 

Bola Ahmed Tinubu,

President of the Federal Republic of Nigeria

January 1, 2025

BIG STORY

Retailers Begin Loading From Port Harcourt Refinery This Week — PETROAN

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Unless there is a last-minute change in plans, marketers and retailers of petroleum products are set to begin lifting Premium Motor Spirit (“petrol”) from the Port Harcourt Refining Company this week.

The Publicity Secretary of the Petroleum Products Retail Outlet Owners Association of Nigeria, Joseph Obele, revealed this in an exclusive interview with (The Punch).

According to Obele, since the refinery resumed operations in November, it has been supplying fuel only to retail outlets owned by the Nigerian National Petroleum Company Limited (“NNPCL”).

While marketers still load fuel from the NNPCL, Obele clarified that the products marketers are currently purchasing from the state-owned oil company are imported.

He expressed concerns that the NNPCL is selling “PMS” to retailers in Port Harcourt at higher prices than those in Lagos State, urging that the refinery should sell at N899 per litre instead of N970.

“NNPC is still telling us to buy at a rate different from the rate they are selling to Lagos at the moment because of logistics. So, Port Harcourt retail outlet owners are not really comfortable with that. Hence, the Port Harcourt refinery will start servicing us this week.

“We are also requesting that the same rate NNPC is selling to our members at Lagos should be the rate they will be selling to us over here in Port Harcourt too. We are not really comfortable with that disparity,” he disclosed.

When asked if marketers in Port Harcourt and surrounding areas have started buying directly from the NNPC refinery, he replied, “No, but it will commence this week. The trucks loading out are for the NNPC retail outlets only.”

In his request to the NNPC, Obele stated, “We in Port Harcourt, we plead with the NNPC to sell to us at the same rate they are selling fuel to Lagos marketers. The difference is too much. It is N899 per litre in Lagos but N970 in Port Harcourt. It is far higher than that of Lagos.

“The way they explain it, it is like their own vessel will be bringing it and shipping it over to Port Harcourt depot for us to buy. So, we are now saying that since you will be selling directly to us from the refinery, you now have the stock available. Sell to us at the same rate you are selling to Lagos marketers.

“So, that’s where we are right now. Our request is that the NNPC should sell to us from the Port Harcourt refinery at the same rate they are selling the product to those in Lagos.”

When asked if he meant the NNPC was still importing fuel to Lagos, the PETROAN spokesman responded affirmatively, saying “The stocks in Lagos are imported stocks.”

After several delays, the NNPC announced in November that the old 60,000 barrels per day Port Harcourt refinery had resumed operations.

The NNPC also promised that rehabilitation works at the new Port Harcourt refinery, with a 150,000 barrels per day capacity, would be completed soon.

NNPC spokesman, Olufemi Soneye, confirmed that the refinery currently produces naptha, which it blends to produce petrol.

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BIG STORY

Murder Suspect Ayomide Adeleye Charged, Remanded, Police Insist [PHOTO]

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The Lagos State Police Command has clarified that Ayomide Adeleye, who confessed to killing Christianah Idowu, his friend and neighbour, has been charged with “murder” and remains in custody for the offence.

This clarification was issued by the state Police Public Relations Officer, SP Benjamin Hundeyin, in response to reports suggesting that Adeleye was not being held in any Lagos correctional facility.

In his statement, Hundeyin said, “We can confirm that Ayomide Adeleye was charged with murder and was remanded for the same offence.”

“It is also a fact that another person bearing the same name was remanded for a different offence and released in April 2024, long before the Ayomide we are talking about committed his offence.”

“An outfit that prides itself on investigation should live up to its name. Relying on ‘sources’ rather than the spokesperson of the Correctional Service would land you in this kind of misinformation.”

Adeleye, a 200-level Philosophy student at Olabisi Onabanjo University, confessed in September to killing Idowu, a 300-level student at the Federal University of Agriculture, Abeokuta, Ogun State.

On November 5, Adeleye appeared before Magistrate Seyi Omodara at the Ogba Magistrate Court.

The magistrate issued a remand warrant, allowing the police to detain him at the Ikoyi Correctional Center pending advice from the Directorate of Public Prosecutions.

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Warri Refinery: Oil Marketers Eye Loading Of Petrol February

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Oil marketers have started loading Automotive Gas Oil (diesel) and Kerosene from the Warri Refining and Petrochemical Company.

Dealers confirmed this on Friday, while also requesting Premium Motor Spirit (petrol) from the recently rehabilitated plant.

WRPC, under the management of the Nigerian National Petroleum Company Limited, resumed operations on December 30, 2024, after the Group Chief Executive Officer of NNPCL, Mele Kyari, announced its return to service during a tour of the facility.

Speaking with one of our correspondents at the refinery on Friday, the Chairman of the Delta State chapter of the Independent Petroleum Marketers Association of Nigeria, Harry Okenini, said that while the plant was operational, it was not yet functioning at full capacity.

He, however, pointed out that marketers had begun loading diesel and kerosene from the refinery.

“Right now, there is no production of petrol. So, we are not loading PMS. We hope to load PMS soon. We can confirm to you that the plant is working although not at 100 per cent. And IPMAN, Warri Depot Unit, is waiting for the production of PMS so that we can load.

“For now, only the Automotive Gas Oil, popularly called diesel, and Dual Purpose Kerosene are being produced and loaded out for consumption.

“Hopefully, by February, we are expecting cooking gas, PMS, and other products to come out. As of now, the retail unit is only loading AGO and DPK,” he added.

Also speaking with our correspondents at the refinery, the National Chairman of the Surface Tank and Kerosene Peddlers, a branch of NUPENG, Israel Omokere, confirmed that the refinery was operational.

He said, “Hopefully, the PMS will come on board. We are loading kerosene and AGO for now.”

On his part, the Delta State Chairman of Surface Tank and Kerosene Peddlers branch of NUPENG, Kingsley Erituoyo, said, “For so many years the refinery was down, today the refinery is up.”

Findings at the Warri refinery by our correspondents showed limited truck movements in and out of the complex.

According to The Punch, the activities at WRPC were minimal compared to the refinery’s peak years when it operated at full capacity.

Industry sources revealed that more steps were needed by the Federal Government and NNPCL for the refinery to begin full production of PMS.

During the visit to the WRPC complex, it was also observed that the main entrance appeared almost deserted, with security operatives stopping journalists from taking photographs on the premises.

Sources inside the refinery shared that only one of the three units at the refinery was operational and producing diesel, gas, and kerosene.

“For now, only one unit is working at the refinery. You know there are three units, but only one is in operation, producing diesel, gas, and kerosene.

“The unit can’t give fuel for now. If the second unit starts working, it can produce PMS. It is the last unit to operate because it’s very big and complicated.

“If all units are working, we can load over 100 trucks daily, now it loaded about 50 trucks,” a source said.

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