President Bola Ahmed Tinubu has assured Nigerians of his government’s commitment to addressing the rising cost of food and essential drugs in 2025.
The President made this promise in a New Year’s message on Wednesday, emphasizing plans to reduce inflation and improve the lives of citizens.
Tinubu announced the establishment of the National Credit Guarantee Company, a collaborative effort involving the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, Ministry of Finance Incorporated, private sector players, and multilateral organizations.
The company, set to begin operations before the second quarter of 2025, aims to expand access to credit and promote local production of essential goods.
“We are resolute in our ambition to reduce inflation from 34.6% to 15%,” Tinubu said. “With diligent work and God’s help, we will achieve this goal and provide relief to all our people.”
Highlighting economic achievements in 2024, Tinubu noted a gradual decrease in fuel prices, foreign trade surpluses, rising foreign reserves, and a stronger naira. However, he acknowledged persistent challenges with the cost of living.
“In 2025, our government will intensify efforts to lower costs by boosting food production and promoting local manufacturing of essential drugs,” he said.
Tinubu announced plans to hold a Youth Confab in the first quarter of 2025, underscoring the government’s commitment to engaging the nation’s youth in nation-building.
He also called on governors and local government chairpersons to work closely with the Federal Government to leverage opportunities in agriculture, livestock, and tax reforms.
“I commend governors who have embraced our Compressed Natural Gas initiative and adopted electric vehicles,” Tinubu stated, pledging continued federal support.
The President unveiled plans for a National Values Charter, set to launch in early 2025, to promote patriotism, shared values, and a strong national identity.
“We are on the right path to building a great Nigeria that will work for everyone,” Tinubu said. “Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda.”
