As the 2027 elections draw closer, Peter Obi, the 2023 presidential candidate of the Labour Party (LP), has stated that no merger agreement has been reached with the Peoples Democratic Party (PDP), the New Nigeria People’s Party (NNPP), or any other political party.

Speaking during a press conference in Abuja on Thursday morning, the former governor of Anambra State addressed pressing national issues and the future of Nigeria's political landscape. He emphasized that while there is no formal alliance yet, he called on all patriotic Nigerians in the political space to unite in 2027 to challenge the ruling All Progressives Congress (APC), accusing the party of gross mismanagement of the nation’s resources.

Obi also highlighted the deteriorating security situation in the country, lamenting the needless loss of lives due to banditry, terrorism, and kidnapping. He described the state of governance under President Bola Tinubu’s administration as plagued by corruption, excessive public spending, and unsustainable debt accumulation.

“In 2024 alone, public funds were recklessly squandered on frivolous foreign trips by government officials,” Obi remarked, stressing the need for accountability and prudent management of national resources.

Reflecting on the 2023 presidential election, Obi acknowledged the impressive numbers each candidate garnered. President Tinubu secured victory with 8,794,726 votes, winning 12 states and receiving significant support across several regions. Atiku Abubakar of the PDP, a six-time presidential contender, followed with 6,984,520 votes. Obi, contesting for the first time, achieved an unprecedented third-place finish with 6,101,533 votes. Rabiu Kwankwaso of the NNPP placed fourth, winning Kano State and amassing 1,496,687 votes.

Interestingly, Obi and Kwankwaso were both members of the PDP before the 2023 elections. However, irreconcilable differences led them to part ways with the party, opting to pursue their respective political ambitions through alternative platforms.

As the countdown to 2027 begins, Obi's call for unity among opposition forces signals a potential shift in Nigeria's political dynamics, with the Labour Party aiming to solidify its position as a formidable contender.

The Nigeria Labour Congress (NLC) has called on the federal government to withdraw the Tax Reform Bills recently submitted by President Bola Tinubu to the National Assembly. The union emphasized the importance of involving key national stakeholders in drafting a comprehensive and inclusive tax policy.

In its New Year message on Tuesday, NLC President Joe Ajaero described the proposed tax reforms as controversial, particularly in northern regions, where they have faced criticism for allegedly hindering economic growth. He stressed that a transparent and collaborative process is essential for creating a tax framework that is both effective and widely accepted.

The statement, titled “In 2025, Hope Is in Our Collective Resolve,” highlighted the urgent need for policies that address critical areas such as food security, healthcare, housing, education, transportation, and security. The NLC also called for improved worker welfare, noting that these measures are crucial for good governance.

Ajaero reaffirmed the union’s commitment to negotiating higher wages to help workers cope with economic challenges. He urged compliance with the 2024 National Minimum Wage Act and pledged to engage the government on fair wage adjustments.

The NLC also expressed concern over the growing use of force against unions, warning that such actions could jeopardize industrial harmony.

“As we enter 2025, the NLC extends heartfelt New Year greetings to all workers and citizens across the nation. Despite the challenges we face, we must find the collective strength to move Nigeria out of underdevelopment. Our progress depends on our united effort and determination,” the statement read.

Looking ahead, the NLC announced plans to hold a national dialogue in Ibadan this January to develop a new tax framework that supports economic growth and national development.

The union reiterated its call for the government to withdraw the current tax bills, emphasizing the need for a collaborative process to create a tax system that garners public trust and drives progress.

“As we prepare for this national dialogue, we hope to co-create a tax policy that aligns with the goals of national development. We also urge the government to uphold industrial peace by prioritizing social dialogue, respecting agreements with trade unions, and implementing pro-people policies,” the statement added.

The NLC underscored its dedication to advocating for workers’ rights and ensuring governance reflects the needs of citizens. It called on all Nigerians to unite and work together toward sustainable development and prosperity in 2025.

President Bola Ahmed Tinubu has pledged that his administration will bring down inflation to 15% from the 34.6% recorded in November 2024 and significantly reduce food prices across the country.

In his New Year’s address to Nigerians, the President outlined his administration’s commitment to achieving these goals through massive food production and the promotion of local manufacturing of essential goods, including medical supplies.

“Our government is determined to lower these costs by increasing food production and supporting local manufacturing of essential drugs and medical supplies,” Tinubu said. “With focused efforts and God’s help, we aim to reduce inflation to 15% and provide much-needed relief to our people.”

The President emphasized the importance of boosting access to credit for individuals and critical economic sectors as part of a broader strategy to enhance national productivity.

“In 2025, we will intensify efforts to expand access to credit and support critical sectors of the economy. This will not only stimulate economic growth but also help us achieve our vision of a one trillion-dollar economy,” Tinubu explained.

Tinubu also called for unity and cooperation from all Nigerians to achieve the administration’s ambitious economic targets.

“I urge you to remain focused and united as we work together toward this shared goal. Your collaboration is vital for our success,” he added.

Despite the hardships endured in 2024, many Nigerians are cautiously optimistic about the possibility of economic recovery and growth in the coming year, buoyed by the President’s promises and the administration’s plans for transformation.

The World Bank has provided a $1.5 billion foreign loan to Nigeria to support the federal government's efforts in implementing fuel subsidy removal and tax reforms. This initiative is part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing program.

According to a recent World Bank document, the loan was approved on June 13, 2024, and disbursed in two tranches. The first tranche of $750 million, provided by the International Development Association (IDA), was disbursed on July 2, 2024, with a 12-year repayment period and a six-year grace period. The second tranche, also $750 million, was issued in November 2024 by the International Bank for Reconstruction and Development (IBRD), featuring a 24-year repayment period and an 11-year grace period.

The World Bank noted that Nigeria met the stringent conditions required for loan approval, including key reforms such as:

• Subsidy removal: the deregulation of the fuel market, allowing retail prices to be determined by market conditions.
• Exchange rate harmonization: Addressing currency distortions to foster economic stability.
• Tax policy reforms: The government submitted a comprehensive tax reform bill to the National Assembly on October 3, 2024. This reform package aims to revamp the VAT regime, simplify tax policies, and enhance tax administration.

However, these reforms have been met with mixed reactions. While they have garnered praise for addressing structural economic challenges, they have also sparked criticism due to their impact on the cost of living.

Fuel prices have risen fivefold, and the unification of the exchange rate has led to significant inflation. In November 2024, headline inflation reached 34.60 percent, with food inflation climbing to 39.93 percent. These increases have strained household budgets, despite the government's introduction of palliative measures, such as disbursing N25,000 to fewer than two million households.

Additionally, the Compressed Natural Gas (CNG) Initiative, designed to provide a cheaper alternative to fuel, is yet to be fully implemented, leaving many Nigerians without immediate relief.

The World Bank emphasized the government's commitment to avoiding deficit monetization, relying instead on standard debt instruments to finance the budget deficit. While the reforms are expected to stabilize the economy in the long run, their immediate impact continues to fuel debates across Nigeria.