President Bola Tinubu has unveiled an ambitious plan to reduce inflation from its current rate of 34.6% to 15% by the end of 2025. He further announced plans for the National Credit Guarantee Company to enhance financial access.
To achieve this goal, he outlined plans to boost food production and promote local manufacturing of essential drugs and medical supplies. “With diligent work and God’s help, we will achieve this goal and provide relief to all our people”.
Reflecting on the challenges faced in 2024 in his New Year address, Tinubu acknowledged the difficulties that many Nigerians endured.
He, however, remains optimistic about the future.
“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days”.
President Tinubu reassured citizens that their sacrifices over the past 19 months have not been in vain.
He highlighted several encouraging economic indicators that signal a positive outlook for Nigeria. He noted a gradual decrease in fuel prices, foreign trade surpluses recorded over three consecutive quarters, and an increase in foreign reserves.
Despite these promising signs, Tinubu said he recognises that many Nigerian households continue to grapple with high costs of food and essential drugs. “This remains a significant concern for our people,” he acknowledged.
To further stimulate economic growth, he revealed plans for enhancing access to credit for individuals and critical sectors of the economy. “My administration will further consolidate and increase access to credit.”
This initiative includes the establishment of the National Credit Guarantee Company, which aims to expand risk-sharing instruments for financial institutions and enterprises.
President Tinubu urged state governors and local council chairpersons to collaborate closely with the federal government to seize emerging opportunities in agriculture, livestock, and tax reforms.
