Governor Seyi Makinde of Oyo State has disclosed that inflation rates reduced spending power and dragged many Nigerians into poverty in 2024.

Makinde made this declaration in his New Year message aired on the Broadcasting Corporation of Oyo State (BCOS) on Wednesday.

The governor, while addressing residents of the state, disclosed that Nigeria struggled with economic challenges throughout the just-concluded year.

He maintained that inflation rates reduced the people’s spending power and dragged more people into poverty.

Makinde, while speaking further, said that his government will do more for the people of the state in 2025.

He added that his administration would embark on decisive actions that would increase residents’ spending power and ease the economic strains they are currently facing.

The governor also stated that his administration would enforce the rule of law across different sectors.

He warned that more stringent measures would be taken against traffic offences in the state.

Makinde, while speaking further, maintained that the year 2024 tested the resilience of the people of the state.

He said: “What a year 2024 was! Our resilience as a people has been tested almost to the limit. We have faced economic challenges and social tragedies that have been the direct or indirect result of these challenges.

“We were shocked by the January 16, 2024, Bodija incident. We reacted by signing Executive Order 001, 2024, on the safe handling and storage of harmful substances in Oyo State. We also took steps to give support to those who were primarily affected by this incident. We will give them even more support in 2025.

“In December 2024, disaster again struck in our dear state as we lost 35 children to a stampede at Islamic High School, Basorun. We are still mourning this great loss.

“Throughout the year, we struggled with economic challenges as a nation. Inflation rates reduced our spending power and dragged more people into poverty than we were able to help escape poverty. Our hearts are heavy. Still, we are thankful. These tragedies have forced us as a government to go back to the drawing board and take a second look at our strategies, policies, and programmes.

“For example, following the Bodija incident, we took actions that further secured the lives of our people. We are more determined to put further measures in place to ensure that incidents like these never occur again.”

Inflation dragged many people into poverty in 2024 — Gov Makinde