President Bola Tinubu has pledged his administration’s determination to lower the costs of food and essential drugs in the country this year (2025).
Tinubu, who stated this in his New Year Message to Nigerians on Wednesday, January 1, 2025, noted that the costs of food and essential drugs were significant concerns for many Nigerian households in 2024.
He explained that his government plans to lower the costs by boosting food production and local manufacturing of drugs.
“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,” he said.
President Tinubu said his government is also resolute in its ambition to reduce inflation from its current high of 34.6% to 15%, adding that with diligent work and God’s help, it would achieve the goal and provide relief to all Nigerians.
He said in this new year, his administration would further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
To achieve this, he said the federal government would establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
“The Company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated; the private sector; and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people,” he said.
While acknowledging that 2024 posed numerous challenges to the citizens and households, Tinubu expressed confidence that the New Year would bring brighter days, saying that economic indicators point to a positive and encouraging outlook for the 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 added.
He assured that his government would continue to embark on necessary reforms to foster sustainable growth and prosperity for the nation and therefore sought the cooperation and collaboration of Nigerians to pursue the goal of a one trillion-dollar economy.
He urged them not to be distracted by a tiny segment of the population that still sees things through the prisms of politics, ethnicity, region, and religion.
The Nigerian leader hinted at plans to
unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025, adding that he would launch an ambitious national orientation campaign that fosters patriotism and love for the country and inspires citizens to rally together.
According to him, the Charter would promote mutual commitments between the government and citizens and foster trust and cooperation among the nation’s diverse population and between the government and the citizens.
He said the Youth Confab would begin in the first quarter of 2025, a testament to the administration’s commitment to youth inclusiveness and investment as nation-builders.
Disclosing that the Ministry of Youth would soon announce the modalities for selecting the conference’s representatives from the nation’s diverse, youthful population.
