President Bola Tinubu has promised that he will ensure a massive reduction in inflation from its current high rate of 34.6 per cent to 15 per cent in 2025.
Speaking in his new year message to Nigerians, he pledged that his government would intensify efforts to lower food costs by boosting production and promoting local manufacturing of essential drugs and other medical supplies.
He stated that the year 2025 would bring brighter days for all Nigerians assuring that his government would fulfil the collective desires of Nigerians.
He said though 2024 posed numerous challenges, he is confident that the New Year would 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,” he said.
The president, however, said that the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.
He said that with diligent work and God’s help, his government would achieve this goal and provide relief to all Nigerians.
“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.
“To achieve this, the Federal Government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises,” he said.
The president said that the company is expected to start operations before the end of the second quarter adding that it would be a partnership of government institutions.
He said the institutions, would include Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, Ministry of Finance Incorporated as well as private sector and multilateral organisations.
He expressed optimism that this initiative would strengthen the financial system, expand credit access and support under-served groups such as women and youths.
He said it would also drive growth, re-industrialisation and better living standards for Nigerians.
“On a personal note, thank you for placing your confidence in me as your president.
” Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.
” We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.
“I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy.
“Let us stay focused and united,” he said.
He maintained that, Nigeria is on the right path to building a great nation that will work for everyone.
“Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region and religion” he said.
