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January 2, 2025 27% Inflation Target Achievable, Tinubu’s 15% Goal Ambitious — Rewane

27% Inflation Target Achievable, Tinubu’s 15% Goal Ambitious — Rewane

Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, has described President Bola Tinubu's 15% inflation target for 2025 as "aspirational" and "bullish." Speaking during a monitored program on Thursday, Rewane expressed skepticism about the feasibility of the target, emphasizing the gap between aspirations and economic realities.

During the presentation of the 2025 ₦49.7 trillion budget before the National Assembly on December 18, 2024, Tinubu projected a significant decline in Nigeria's inflation rate from 34.6% to 15% by the end of 2025. However, Rewane questioned the realism of this forecast, suggesting a more moderate decline is likely.

"The target is an aspiration; the reality, as we see it, is that inflation could drop from approximately 35% to somewhere between 27% and 25%. A 15% inflation rate is very bullish and aspirational, but aspirations are fine to have," Rewane said. "We operate in the realm of reality, and in reality, 27% to 25% seems more achievable. I’d rather bet on that than overly optimistic scenarios."

At the start of Tinubu’s presidency in May 2023, Nigeria’s inflation rate stood at 22.41%, according to the National Bureau of Statistics (NBS). By November 2024, it had surged to 34.6%, marking a sharp increase of over 12%. Experts attribute this spike to the economic impacts of Tinubu's twin policies: the removal of petrol subsidies and the unification of forex rates.

Rewane’s analysis underscores the challenges of achieving significant inflation reduction in a volatile economic environment, highlighting the need for realistic targets amidst bold aspirations.

January 2, 2025 2027: Obi Rules Out Merger Deal with PDP and NNPP for Now

2027: Obi Rules Out Merger Deal with PDP and NNPP for Now

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.

January 1, 2025 NLC Calls for Withdrawal of Tax Reform Bills and Wage Review

NLC Calls for Withdrawal of Tax Reform Bills and Wage Review

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.

January 1, 2025 Tinubu Pledges to Reduce Inflation and Food Prices to 15% by 2025

Tinubu Pledges to Reduce Inflation and Food Prices to 15% by 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.

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