President Bola Tinubu has assured Nigerians of their resolve to boost food production and reduce inflation on food and drugs to 15 per cent, while strengthening the economy in 2025.
In his New Year message to the nation, Tinubu highlighted economic growth indicators, including lower fuel prices, rising foreign reserves and a stronger Naira, as signs of progress in 2024 that would continue into 2025.
He stated, “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.”
The President said Nigeria’s stock market’s record growth had generated trillions of naira in wealth, adding that the surge in foreign investment reflected renewed confidence in the country’s economy.
Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.
He acknowledged persistent inflation and rising costs of essentials, vowing 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.
For the New Year, Tinubu promised to consolidate further and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
President Tinubu called on governors and local councils to align with federal agricultural and tax reforms to seize economic opportunities.
Tinubu commended governors who embraced the FG’s Compressed Natural Gas initiative by launching CNG-propelled public transport. He congratulated those who also adopted electric vehicles as part of the administration’s national energy mix and transition, saying, “The Federal Government will always offer necessary assistance to the states.”
Tinubu stressed the importance of national unity and ethical values as part of the Renewed Hope Agenda.
Therefore, he announced plans to unveil a National Values Charter in Q1 2025, alongside a national orientation campaign to promote patriotism and shared values.
