President Bola Tinubu has promised to take steps aimed at lowering prices of foodstuff in the new year, 2025.
The President in his new year message said 2025 is a year for the fulfilment of the Nation’s desires.
Nigerians have been undergoing economic hardship including astronomical cost of food in the past one year following President Tinubu’s radical reforms.
Though the prices of essential commodity such as petrol has reduced marginally while the Naira has regained a little value against other major currencies, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.
President Tinubu said his 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 in 2025.
“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 stated.
“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", the President stated.
President Tinubu noted that though 2024 posed numerous challenges to citizens and households, he is confident that the New Year will bring better life as 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 President adds that 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.
Also in this new year, he said his government 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, he said, will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
“The Company is expected to start operations before the end of the second quarter.
It 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.”
According to the president, 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, industrialisation and better living standards for our people.
President Tinubu thanked Nigerians for placing their confidence in him as their 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.”
To achieve national goals and objectives, he said Nigerians must become better citizens and uncompromising in their devotion and allegiance to Nigeria.
“Citizens’ moral rectitude and faith in our 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.”
The President promised to unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025, 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".
“The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population.”
President Bola Tinubu also spoke on collaboration amongst state Governors, local government chairmen on emerging opportunities in agriculture, livestock, and tax reforms, commending Governors who have embraced "our Compressed Natural Gas initiative by launching CNG-propelled public transport".
To all citizens, he said “your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain even in the months ahead".
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