Tinubu: I’ll tackle rising food prices, reduce inflation from 34.6% to 15% in 2025
President Bola Tinubu has promised to address current hardship, especially rising prices of food and drugs in the country through the launch of the National Credit Guarantee Company.
In a 2025 New Year’s Message to Nigerians on Wednesday, the Federal Government said the move will also promote local manufacturing of essential drugs and other medical supplies in the New Year.
According to the President, the new company expected to begin operations before the end of the second quarter of the new year, is a partnership of government institutions, including the Bank of Industry, BOI, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, NSIA, the Ministry of Finance Incorporated, the private sector and multilateral institutions.
The President said: “As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfil our collective desires.
“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days. Economic indicators point to a positive and encouraging outlook for our nation.
“Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the naira has strengthened against the US dollar, bringing greater stability.
“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.
“In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.
“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
The President equally said the youth confab would begin in the first quarter of 2025.
‘’The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population.
‘’Let me use this New Year’s message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward.
‘’I commend governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The Federal Government will always offer necessary assistance to the states.
“To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain, even in the months ahead. Together, let us stay the course of nation-building.
The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.
