President Bola Tinubu delivered his inaugural New Year speech on Monday, outlining his commitment to overcoming challenges and enhancing business competitiveness in Nigeria. In a comprehensive address, he expressed gratitude for the successful transition of power in 2023 and detailed his administration’s plans to boost the economy and tackle national issues.
Full Text of the Address:
Dear Compatriots,
I extend warm greetings to each one of you as we usher in the new year, 2024. Our gratitude goes to Almighty God for His grace and benevolence throughout the past year, a year marked by challenges but also significant events. The peaceful transfer of power from one administration to another stands out as a remarkable milestone in our 24 years of unbroken democracy.
To the gracious people of this blessed nation, who entrusted me with a mandate to improve our country, revitalize the economy, enhance security, bolster the industrial sector, and promote agricultural production, I express my sincere appreciation. The core of my Renewed Hope campaign was centered on building a better nation and fostering a society that cares for all its citizens.
Throughout my tenure, every decision, trip, and action has been taken in the best interest of our country. In the past seven months, my administration has made tough but necessary choices, such as removing the longstanding fuel subsidy and addressing foreign exchange challenges. While acknowledging the resulting discomfort, I assure you these decisions were essential to prevent fiscal catastrophe.
The rising cost of living, high inflation exceeding 28%, and the concerning underemployment rate have not gone unnoticed. I am aware of the frustrations and concerns of our citizens, and I want to assure you that these challenging times are temporary. Our resilience should remain unbroken, and our commitment to Nigeria’s promise should be unwavering.
Despite challenges, progress has been made in ensuring security, with ongoing efforts to bring peace to our homes, workplaces, and roads. As we move forward into 2024, my administration is prepared to accelerate service delivery across various sectors.
During COP28 in Dubai, the German Chancellor and I committed to expediting the Siemens Energy power project under the Presidential Power Initiative. This initiative aims to provide reliable electricity to our homes and businesses. Additionally, power installation projects to strengthen transmission lines and optimize the national grid are underway.
Recognizing the importance of steady electricity supply for economic transformation, we are taking steps to restart local refining of petroleum products with the Port Harcourt Refinery and the impending completion of the Dangote Refinery.
To ensure food security, we will intensify efforts to cultivate 500,000 hectares of farmland across the country for staple crops. The National Wheat Development Programme, launched with 120,000 hectares in Jigawa State, is a step toward achieving this goal.
In 2024, we are committed to implementing fiscal and tax policy reforms to create a conducive business environment. Nigeria is open for business, and I will vigorously address obstacles hindering our competitiveness, both locally and internationally.
The 2024 budget reflects our dedication to national defense, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security. Every Nigerian should feel the impact of their government, and we are instituting a new national living wage for our industrious workers.
Accountability remains a priority, and the Policy Coordination, Evaluation, Monitoring, and Delivery Unit in the Presidency will ensure governance outputs improve living conditions. In this new year, ministers and agency heads will be evaluated within the first quarter to uphold standards.
My ambition is to build a fair and equitable society, reducing inequality and providing opportunities for hardworking Nigerians to succeed. While recognizing individual differences, my government will strive to offer equal opportunities for all.
To achieve the benefits of the new year, each Nigerian must contribute. Building a prosperous nation is a collective effort, transcending political, ethnic, and religious differences. Let us resolve to work for the peace, progress, and stability of our country, extending this call to political opponents. The election is over, and it’s time to collaborate for the greater good.
As we navigate through 2024, let our collective light shine bright, illuminating the path to a glorious dawn. I wish everyone a happy and prosperous year, and may God continue to bless the Federal Republic of Nigeria.
Bola Ahmed Tinubu, GCFR
