- Safiu Kehinde
President Bola Tinubu has pledged to reduce inflation from its current high of 34.6% to 15% while also increasing access to credit for individuals and critical sectors of the economy.
Tinubu made the pledge in his new year message issued on Wednesday.
While admitting to the challenges faced by the country in 2024, the President assured that the year 2025 will be a great year of great promise and fulfilment of collective hope.
Highlighting the achievements recorded in 2024, especially in foreign exchange, Tinubu held that the surge foreign investment reflects renewed confidence in Nigeria’s economy.
He, however, expressed concern over the cost of food and essential drugs which he vowed to tackle by boosting food production, promoting local manufacturing of essential drugs, and reduction of inflation.
“Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability. 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.
“Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.
“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% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.” Tinubu wrote.
On the increment of access to credit, the President said it would be achieved through the establishment of the National Credit Guarantee Company which is expected to start operation before the end of 2025 second quarter.
“In this new year, my administration 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 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.” Tinubu wrote.
He, however, seek Nigerians’ cooperation while urging them to be better citizens and uncompromised in their devotion and allegiance to Nigeria.