President Bola Ahmed Tinubu has pledged that the current rate of inflation at 34.6% will be reduced to 15% in order to strengthen the purchasing power of the citizens.
President Tinubu, who expressed his administration’s commitment in achieving the feat in his new year message to Nigerians on Wednesday, noted that food production would be improved upon in 2025.
His words: “Fellow Nigerians, as we enter 2025, I wish everyone a happy and prosperous New Year. May you be rich in joy, success, and good health. 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 fulfill 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.”
He assured that his administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output in 2025. This, he said, will be achieved with the establishment of the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises by the Federal Government (FG).
“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.
“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. We are on the right path to building a great Nigeria 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 that for his government to achieve national goals and objectives, the citizens must become better and uncompromising in their devotion and allegiance to Nigeria, stressing that citizens’ moral rectitude and faith in the country are fundamental to the success of the Renewed Hope Agenda.
“In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project. I will unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together.
“The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens. As far-reaching and foundational as our reforms are, they can produce the desired outcomes only through shared common values and identities and unconditional love for our country,” he added.
He further urged the citizens to continue believing in themselves and keep faith in Nigeria.
