Stephen Ukandu, Umuahia
President Bola Ahmed Tinubu has assured Nigerians of his administration’s resolve to embark on massive food production in 2025 to crash the high price of food in the market.
Tinubu who gave the assurance in his New Year message, also assured of reduction in the price of petrol in 2025.
Recall that the current hyper inflation in the country is traceable to the removal of fuel subsidy by President Tinubu shortly after assuming power in 2023.
The President also promised to reduce inflation on drug prices by 15 per cent, adding that the Nigerian economy will rebound.
The President identified rising foreign reserves and a stronger Naira, as signs of progress in 2024 that would continue into 2025.
Tinubu noted that despite the various challenges that confronted Nigeria in 2024, the country was able to navigate them and continued to forge ahead.
He said: “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.”
Tinubu noted with pain, the rising costs of essentials, and vowed to intensify efforts to reduce inflation from 34.6 per cent to 15 per cent through reforms aimed at boosting food production and encouraging local manufacturing of drugs and medical supplies.
“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 per cent to 15 per cent.
“With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” said the President.
He promised to 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,” he assured citizens.
