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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

NNPC Profit Crashes To N185bn In July Amid Rising Costs, Tax Adjustments

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The Nigerian National Petroleum Company (NNPC) Limited reported a profit after tax (PAT) of N185 billion for July. This marks a sharp decrease of 79.56 percent from the N905 billion recorded in June .

NNPC said this decline is attributable to the cost of sales and income tax adjustments . The company’s total revenue for the month stood at N4.406 trillion, down by 3.59 percent from June’s N4.57 trillion .

In terms of production, crude oil and condensate output averaged 1.7 million barrels per day (bpd), while natural gas output was 7.72 million standard cubic feet daily (mscfd) .

To address operational challenges, the NNPC highlighted its “strategic” efforts including sustaining production, improving facility uptime, and enhancing collaboration with stakeholders . It noted further progress in key infrastructure projects:

On the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, additional subcontractors have been deployed to accelerate mainline construction .

For the Obiafu-Obrikom-Oben (OB3) pipeline, a revised execution strategy is underway for fast-tracked completion. A 113 km segment has already been commissioned, delivering about 300 mmscf/d of gas from two producers .

The NNPC Foundation facilitated the donation of 35 compressed natural gas (CNG) buses to the Presidential Initiative on CNG (Pi-CNG), collaborating with executive vice-presidents in downstream and business services .

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BIG STORY

Benue Assembly Suspends Four Lawmakers Over ‘Plot To Impeach Speaker’

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The Benue State House of Assembly has suspended four members who were allegedly involved in a plan to impeach the Speaker, Aondona Dajoh.

The suspended lawmakers are Alfred Berger (Makurdi North), Terna Shimawua (Kian), Cyril Ekong (Obi), and James Umoru (Apa).

During the Friday plenary, the House resolved to suspend the legislators for six months.

Majority Leader Saater Tiseer moved a motion of urgent importance, accusing the lawmakers of creating an unnecessary crisis to destabilise the Assembly.

Following the motion, the Speaker instructed the sergeant-at-arms to remove the affected members from the chamber.

The Speaker also announced the appointment of Audu Elias as the new spokesperson of the Assembly—Berger had previously held that role.

Separately, Berger denied reports that the Assembly had passed a bill against love and romance in the state, clarifying that no such bill had been proposed or considered.

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Wike Camp Rejects Zoning Talks With Makinde, Diri Amid PDP Crisis

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As the Peoples Democratic Party prepares for its National Elective Convention in November in Ibadan, Oyo State, the faction loyal to FCT Minister Nyesom Wike has rejected the Southern Leaders’ Zoning Consultative meeting held in Lagos on Wednesday.

A source in the PDP National Working Committee disclosed that the PDP Governors’ Forum will gather in Zamfara State on Saturday.

According to the insider, the governors are expected in Gusau, the state capital, on Friday ahead of key deliberations the following day on matters that must be settled for the convention in Ibadan to proceed without obstacles.

Earlier reports had it that Wike’s allies remain determined to stop the November convention, citing conflicts over leadership positions in the South-South and South-East.

On the other hand, Oyo State Governor Seyi Makinde, alongside other governors and supporters, insists the convention must go forward as provided for in the PDP constitution.

Despite the discord, the zoning panel headed by Bayelsa State Governor Douye Diri continued its consultations across the regions, as pledged when it was inaugurated on August 14. The committee subsequently met with southern stakeholders in Lagos.

The 44-member body, chaired by Diri, is tasked with recommending a zoning arrangement for the 19 National Working Committee offices, to be presented at the 102nd National Executive Committee meeting scheduled for next Monday.

At that gathering, the NEC will determine whether to accept, modify, or discard the panel’s proposals.

However, just before the Lagos session began, some state chairmen, ex-governors, lawmakers, and other leaders aligned with Wike’s camp publicly distanced themselves from the exercise.

In a statement signed by PDP chairmen from Imo, Abia, Cross River, Akwa Ibom, and Rivers states, together with National Assembly members and other allies, the group rejected “any resolutions, communiqués, or outcomes” from the meeting, calling them “neither binding on, nor reflective of the collective will and aspirations of the PDP family across Southern Nigeria.”

They faulted the Lagos summit, describing it as the “PDP Southern Zoning Consultative Summit,” and argued it was arranged without due consultation.

“The attention of the undersigned state chairmen of the Peoples Democratic Party from the South and some critical stakeholders has been drawn to a meeting ‘Nicodemously’ summoned in Lagos today, 21st August 2025… convened by the Admin Secretary, Zoning Committee of the PDP, at the behest of the Chairman Zoning Committee (H.E. Senator Duoye Diri) at the Legend Hotel, Ikeja, Lagos,” the statement noted.

The meeting, referred to as a summit, was said to have been convened under the banner of the South-East, South-South, and South-West zones.

“For the avoidance of doubt, we categorically dismiss any resolutions, communiqués, or outcomes purportedly emanating from this meeting as neither binding on, nor reflective of the collective will and aspirations of the PDP family across Southern Nigeria. Decisions reached in secrecy and exclusion cannot and shall not assume the authority of consensus,” the statement added.

The signatories argued that the exclusion of state chairmen, national officers, senior lawmakers, and former governors made the gathering “deeply disturbing.”

“It is highly regrettable and indeed deeply disturbing that such a meeting was convened without the courtesy of inviting several state chairmen… Such a brazen disregard for established structures and statutory organs of the PDP… risks undermining the very foundation upon which our party was built,” they said.

Among those backing the statement were Minority Leader of the House of Representatives O. K. Chinda, Senators Mao Ohuabunwa, George Sekibo, Mike Nnachi, and former National Secretary Onwe S. Onwe. They argued that the Lagos talks were “premature and targeted at protecting the interest and selfish ambition of a select few.”

They urged the NWC and NEC to dismiss the Lagos outcome, branding it “illegal and divisive.”

“We call on the National Working Committee, the National Executive Committee, and all stakeholders of the party to disregard any outcome of the said meeting, which is not only illegal but divisive… we shall not hesitate to take appropriate steps in line with our party’s constitution to resist the same with full force,” the statement concluded.

Makinde lashes out at Wike

Following the Lagos talks, Makinde hit back at Wike’s camp, saying the consultations were meant to reposition the PDP into a stronger and more effective organisation.

He said the NEC would handle zoning decisions on Monday, adding that he would not “go low with anyone who decides to go into the gutters.”

“Personally, when people go low or go into the gutters, I don’t go with them… That is democracy,” he said.

Makinde stressed that disagreements should not be personal but centered on what the PDP offers Nigerians.

He also pointed out that recent elections showed the party’s resilience, with PDP performing strongly in several states.

“In all our states, they showed last Saturday that the PDP is not dead… it is an indication to us that if we continue to work hard, we can reclaim the confidence of Nigerians,” he stated.

Asked about zoning the presidential ticket to the South, he replied that the party was not yet at that stage.

“We haven’t even got there… Our efforts right now are directed towards having a vibrant and united PDP that Nigerians will be proud of and believe in again,” he said.

The Lagos meeting was attended by PDP BOT Chairman Adolphus Wabara, Diri, Governors Ademola Adeleke of Osun, Peter Mbah of Enugu (represented by his deputy), former Osun Governor Olagunsoye Oyinlola, Bode George, Monsurat Sunmonu, 12 of 17 PDP National Assembly members, and other southern leaders.

PDP Governors’ meeting

Separately, a PDP NWC source said the Zamfara governors’ meeting aims to guarantee that the Ibadan convention goes ahead.

The source revealed that while the governors prefer political solutions to disputes, they will not hesitate to use party instruments to enforce decisions if required.

“The party leaders… are aware of the importance of the Ibadan Convention. The convention is crucial to the future of the PDP,” he said.

He added that with joint efforts, the November 15–16 Ibadan gathering would hold as planned, setting the PDP on course to challenge the APC in 2027.

Attempts to reach PDP National Publicity Secretary Debo Ologunagba for comments were unsuccessful.

I support those with Tinubu – Wike

Meanwhile, Wike declared that he would back those who support President Bola Tinubu, urging Abuja residents to “support those that the government will listen to.”

Speaking at the launch of a water project in Karu, he praised former Senator Philip Aduda and AMAC Chairman Christopher Maikalangu for their roles in bringing development.

“For me, I’m here to talk about those who have access to the government and bring something to the people… Anybody who supports Tinubu, I will support him,” Wike said.

He noted that previous administrations failed to meet residents’ needs, especially water, but said Tinubu’s government had delivered on its promise to satellite towns.

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