President Bola Tinubu has said his administration would ensure that inflation is reduced to 15 per cent, from its current high of 34.6 per cent in 2025.
The President gave this assurance in his New Year message to Nigerians on Wednesday.
He explained that the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024, promising to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies this year.
Notwithstanding, Tinubu noted that economic indicators point to a positive and encouraging outlook for Nigeria, adding that fuel prices have gradually decreased while the country recorded foreign trade surpluses in three consecutive quarters.
“Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability,” he stated.
He said, “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.
“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.
“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.”
President Tinubu disclosed plans to make Nigerians better citizens this year.
To achieve this, he said the National Values Charter, already approved by the Federal Executive Council, will be unveiled 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 president submitted.
He also said that the Youth Confab will begin in the first quarter of 2025.
While wishing all Nigerians a prosperous year 2025, Tinubu urged governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move the nation forward.
