President Bola Tinubu has unveiled his administration’s plans for the New Year with economic recovery, inflation rate reduction and boosting citizenship patriotism topping his agenda.
He said his administration is poised to reduce inflation to 15 percent from its current high of 34.6 percent in 2025, adding that his major expectation is for Nigerians to afford food and desist from living in hunger.
While assuring Nigerians in his New Year message on Wednesday of a stronger partnership with State and Local Governments in bringing about a better economy, the President indicated that citizens needed reprieve in the areas of food and drugs.
Reiterating how the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024, Tinubu pledged to slash the costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies this year.
He agreed with critics that the economy of the nation is ailing, while the conditions of the people have not improved. However, Tinubu was quick to point out in his address that economic indicators point to a positive and encouraging outlook for Nigeria, stressing that fuel prices have gradually decreased.
The president also added that the country recorded foreign trade surpluses in three consecutive quarters.
Further counting the gains recorded by his government, President Tinubu argued that foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability.
He further promised that in 2025, his government is committed to intensifying efforts to lower the costs of foods and drugs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies.
Tinubu explained plans to consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output in the new year.
To achieve this, he said the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
President Tinubu also disclosed plans to make Nigerians better citizens this year who will be more patriotic to the country, saying that the National Values Charter, an initiative of his administration which has already been approved by the Federal Executive Council, will be unveiled in the first quarter of 2025 to implement this vision.
He also said that the Youth Confab will begin in the first quarter of 2025.
