Hardship, insecurity, six major highlights of Tinubu’s New Year Address

President Bola Ahmed Tinubu on Monday, New Year Day, addressed Nigerians, reassuring them of his administration commitment to turn things around in the country. Daily Trust identifies six major issues the President touched in his speech.   HARDSHIP Tinubu admitted that Nigerians had been going through tough times occasioned by some of the decisions he […]

President Bola Ahmed Tinubu on Monday, New Year Day, addressed Nigerians, reassuring them of his administration commitment to turn things around in the country.

Daily Trust identifies six major issues the President touched in his speech.

 

HARDSHIP

Tinubu admitted that Nigerians had been going through tough times occasioned by some of the decisions he took as President. He, however, said those decisions were taken in national interest.

He said, “Everything I have done in office, every decision I have taken and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country.

“Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe. One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades. Another was the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us. Without doubt, these two decisions brought some discomfort to individuals, families and businesses.

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“I am well aware that for some time now the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.

“From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families.

“I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their hope.

“Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria.

“Our current circumstances should make us resolve to work better for the good of our beloved nation. Our situation should make us resolve that this new year 2024, each and everyone of us will commit to be better citizens.”

 

INSECURITY

President Tinubu acknowledged the prevailing security challenges across Nigeria and promised that his administration would strive to phase them out.

“Silently, we have worked to free captives from abductors. While we can’t beat our chest yet that we had solved all the security problems, we are working hard to ensure that we all have peace of mind in our homes, places of work and on the roads,” he said.

 

ELECTRICITY

Tinubu noted that resolving power crisis is one of the key paths to economic recovery, stating efforts he had made to ensure stable electricity for homes and businesses.

“Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.

“Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our national grid are ongoing across the country. My administration recognises that no meaningful economic transformation can happen without steady electricity supply,” he said.

 

LOCAL REFINERY

Importation of refined petroleum products has been one of drivers of high cost of pump price and foreign exchange crisis in Nigeria.

“In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream,” Tinubu promised.

 

FOOD SECURITY

“To ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops. We launched the dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme,” the president said.

 

TAX REFORM

Multiple taxation and harsh business environment have discouraged investors and forced many of them to move their businesses elsewhere. Tinubu promised to tackle this in his New Year speech.

He said, “In this new year, we will race against time to ensure all the fiscal and tax policies reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value. On every foreign trip I have embarked on, my message to investors and other business people has been the same. Nigeria is ready and open for business.

“I will fight every obstacle that impedes business competitiveness in Nigeria and I will not hesitate to remove any clog hindering our path to making Nigeria a destination of choice for local and foreign investments.