Traditional rulers in Southern Nigeria have called on both the government and citizens to leverage the lessons learned from the challenges of 2024 in order to accelerate the country’s economic recovery. The Southern Nigeria Traditional Rulers Council (SNTRC) expressed cautious optimism about Nigeria’s prospects for a brighter and more prosperous 2025. In a statement titled “Happy New Year Nigeria,” signed by the Publicity Secretary, His Eminence Dr. Eberechukwu Oji, the Eze Aro of Arochukwu Kingdom, the royal fathers extended their blessings for the nation’s future. They recognized that although 2024 brought profound challenges, it also showcased the resilience, unity, and strength of the Nigerian people. They urged citizens to carry forward the lessons learned and the hope for a more secure and economically stable country. The traditional rulers prayed for a year filled with renewed opportunities for growth, healing, and progress. They emphasized the importance of working collectively to address the nation’s systemic challenges and uplift every Nigerian. In a separate statement, the SNTRC expressed deep sorrow over the tragic stampedes in Anambra, Oyo, and Abuja, where over 70 lives were lost during palliative distribution events meant to alleviate economic hardships. The traditional rulers acknowledged that these events, despite their well-meaning intentions, highlighted the dire need for a more robust economy to prevent such tragedies in the future. “These painful incidents serve as reminders of the fragility of life and the need for collective vigilance to avoid further tragedies,” said SNTRC. They offered heartfelt condolences to the families of the victims, standing in solidarity with those affected. Furthermore, the SNTRC emphasized that these tragic events underline the urgent need for continuous efforts to address Nigeria’s economic issues. The desperation and overcrowding at the palliative distribution points are symptoms of deeper systemic challenges requiring immediate attention. The royal fathers urged the government to persist in improving the economic situation and creating more opportunities for citizens. Led by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, the SNTRC also called on event organizers to prioritize safety by involving security agencies in planning and execution. They recommended that crowd control measures, risk assessments, and emergency plans be integral to all public events to ensure the safety and well-being of all participants. “As we mourn the loss of so many, let us also reaffirm our commitment to building a safer, more secure, and prosperous Nigeria,” said SNTRC. The rulers reiterated that preventing such incidents in the future would honor the memory of those who tragically lost their lives. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Vice President Kashim Shettima has assured Nigerians that brighter days are ahead, as the nation’s economy is poised for significant growth in 2025. In a statement shared via a video on X (formerly Twitter) by President Bola Tinubu’s Special Assistant on Social Media, Dada Olusegun, Shettima emphasized the government’s commitment to tackling economic challenges through collaborative efforts with the National Assembly. He expressed optimism, saying: “I believe we have turned a corner. Insha Allah, we shall have very robust economic activity in the new year. The economy has started picking up, and in the coming weeks and months, Nigerians will start smiling for the better.” Shettima acknowledged the impact of global crises, including the war in Ukraine, on Nigeria’s economy. However, he reassured citizens that the government is actively working on sustainable solutions to ensure economic recovery and growth. “There is no nation immune to the economic headwinds across the world. The crisis in Ukraine and other global disruptions are affecting us because we are part of the global economy. But I want to assure Nigerians that the economy is turning the corner. By the grace of God, we have crossed the Rubicon and are on a path to sustained growth. We wish Nigerians well.” READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Discover how the Naira’s continuous devaluation threatens Nigeria’s 2025 fiscal plan, with inflation, exchange rate fluctuations, and budgetary constraints creating significant challenges. Naira Depreciation Threatens Nigeria’s 2025 Fiscal Targets The sharp decline in the value of the Naira is setting up a challenging fiscal year for 2025, posing a significant threat to the Federal Government’s ability to fund its proposed budget. With a devaluation rate that has reduced purchasing power, experts warn that the N49.7 trillion budget presented by President Bola Tinubu may struggle to achieve the same impact as the N28.777 trillion budget of 2024. Struggles with Exchange Rates and Inflation The Central Bank of Nigeria’s (CBN) monetary policy reforms, aimed at stabilizing the currency, initially improved the Naira’s value but failed to sustain the gains. As of December 2023, the Naira traded at approximately N853 to $1. By December 2024, exchange rates surged to as high as N1,700 to $1, before settling at N1,536.93 to $1 on the CBN’s official platform. In addition to exchange rate volatility, inflation continues to rise. The 2024 inflation target was set at 21%, but the current rate stands at 34.6%. For 2025, President Tinubu aims to reduce inflation to 15%, though achieving this may prove difficult. Key Projections for the 2025 Budget President Tinubu’s 2025 budget, dubbed the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” is built on several economic assumptions: The proposed expenditure of N49.7 trillion includes allocations to defense (N4.91 trillion), infrastructure (N4.06 trillion), health (N2.48 trillion), and education (N3.52 trillion). Debt servicing alone will require N15.81 trillion, while other expenditures account for N17.12 trillion. Challenges and Economic Achievements Despite challenges, President Tinubu highlighted some economic improvements during the 2024 budget presentation. Foreign reserves rose to $42 billion, and Nigeria’s economy grew by 3.46% in Q3 2024, up from 2.54% in Q3 2023. Additionally, the trade surplus hit N5.8 trillion, reflecting increased export activity. However, public sentiment remains cautious. The high “Japa” syndrome, where professionals emigrate due to economic hardship, underscores the challenges many Nigerians face. Critical sectors, such as healthcare and ICT, continue to experience significant brain drain. Will the 2025 Budget Deliver? The 2025 budget aims to restore peace and rebuild prosperity, but achieving these goals hinges on addressing macroeconomic issues like inflation and exchange rates. Without bold and effective reforms, the government risks falling short of its ambitious targets. By stabilizing the Naira and curbing inflation, the Federal Government could pave the way for a more sustainable economic future. Only time will tell if the “Budget of Restoration” will fulfill its promises or become another missed opportunity for economic growth. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
