Tinubu pledges improved food production, 15% inflation in 2025
Nigerian President Asiwaju Bola Ahmed Tinubu, in his New Year message, has assured of his government’s effort to improve food production and reduce inflation on food and drugs to 15 per cent while strengthening the economy.
Tinubu, while highlighting the 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, added that 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.
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.”
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.
“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.
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.
“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.
President Tinubu called on governors and local councils to align with federal agricultural and tax reforms to seize economic opportunities.
“Let me use this New Year’s message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward,” he appealed.
Meanwhile, the Peoples Democratic Party urged President Tinubu to take urgent action to address the escalating insecurity, fuel shortages and the food crisis as the country enters the New Year.
This was as it accused the President of pursuing empty rhetoric, false promises and unproven claims since May 2023 without real action to quell insecurity, improve the economy, create jobs, ensure credible elections or raise living standards for Nigerians.
In a statement signed by its National Publicity Secretary, Debo Ologunagba, the PDP called for swift and active measures to tackle Nigerians’ challenges.
The statement read in part, “The Peoples Democratic Party (PDP) congratulates Nigerians on the dawn of the year 2025 and charges President Bola Ahmed Tinubu not to taint the New Year with an address that will not proffer immediate and concrete steps to reduce the price of fuel, address widespread hunger and provide clear-cut measures to guarantee the security of lives and property in the country.
“This position by the PDP is predicated on the fact that previous addresses by Mr President in the last 18 months dwelt only on hopeless rhetoric, unsubstantiated statistics, false promises, conjured performance claims and validation of flawed elections without concrete mechanisms to address insecurity, resuscitate the economy, create jobs, ensure credible elections and guarantee better living standard for Nigerians.
“The PDP maintains that President Tinubu must speak to the issues of unbridled corruption, deceit, budget padding, reckless and wasteful spending directed to fund the luxury appetite of APC leaders, insensitivity to the pains of citizens and total disregard to the obligation of government, which has made life unbearable for Nigerians under his watch.”
The main opposition also urged Tinubu to account for the billions of naira reportedly generated from the removal of subsidy on petroleum products.
It continued, “Furthermore, Mr President should come clean on his public commitment to fight corruption by ordering an investigation and recovery of the over N25tn reportedly stolen by APC leaders and officials in government who have turned government agencies to Automated Teller Machines to siphon funds for their benefit while other Nigerians wallow in abject poverty, hunger and starvation.
“Equally worrisome is the failure of the APC government to revisit and address the reported cases of alleged state-backed killings in various parts of the country, particularly the 2020 EndSars killings and inhuman denial of the massacre of promising Nigerian youths in that sad and repulsive incident.
“The last 18 months have been the most excruciating period to Nigerians since the Civil War, with citizens now resorting to suicide and slavery missions abroad due to the hopeless situation foisted by the anti-people policies of the suppressive, exploitative and insensitive APC government, which continues to reject every appeal and suggestion for review of such policies.
“More disheartening is that while Nigerians die of hunger and insecurity, APC leaders and officials in government continue to flaunt their luxury appetite and lifestyle in utter disdain for the feelings of millions of impoverished citizens.”
The PDP also warned the APC-led government against carrying its old attitude into 2025, as that would intensify citizens’ frustration and dissatisfaction.
The party encouraged Nigerians to stay hopeful for the country’s future, remain law-abiding and approach 2025 optimistically.
Source: PUNCH
