2025: Tinubu Vows to Tackle Rising Drug and Food Prices

President Tinubu has pledged decisive action to curb escalating drug and food prices in 2025, assuring Nigerians of economic relief and improved living conditions. Learn more about his plans.

President Bola Tinubu has pledged to tackle the ongoing challenges, particularly soaring food and drug prices in the country, by initiating the National Credit Guarantee Company.

In a New Year’s message to Nigerians on Wednesday in 2025, the Federal Government announced that this initiative will also encourage the local production of essential drugs and various medical supplies in the coming year.

The President stated that the new company, anticipated to start operations before the end of next year’s second quarter, is a collaboration involving government institutions such as the Bank of Industry (BOI), Nigerian Consumer Credit Corporation, and Nigerian Sovereign Investment Agency (NSIA); along with contributions from Ministry of Finance Incorporated; private sector entities; and multilateral organizations.

The President expressed, “As the new year begins, it brings with it hopes, dreams, and opportunities for brighter days. With God’s grace, 2025 will be a year filled with promise as we work towards achieving our shared goals.”

Although 2024 presented numerous challenges for our citizens and households, I am optimistic that the New Year will usher in brighter days. Economic signs suggest a positive and hopeful outlook for our nation.

Fuel prices have steadily declined, and we achieved foreign trade surpluses for three consecutive quarters. Additionally, foreign reserves have increased, leading to a strengthening of the naira against the US dollar and contributing to greater stability.

“The unprecedented growth of the stock market has created trillions of naira in wealth, with the rise in foreign investment indicating a renewed confidence in our economy. However, throughout 2024, many Nigerian households continued to face significant challenges due to high costs for food and essential medications.”

Promotion

In 2025, our government is dedicated to intensifying efforts to reduce costs by enhancing food production and encouraging the local manufacturing of essential drugs and medical supplies. We are determined to bring down inflation from its current rate of 34.6% to 15%. With hard work and divine guidance, we aim to achieve this goal and offer relief to all our citizens.

In the coming year, my administration will strengthen and expand access to credit for individuals and essential economic sectors to enhance national economic output.

Youth Conference

The President also announced that the youth conference is scheduled to commence in the first quarter of 2025.

The Youth Confab is set to commence in the first quarter of 2025, highlighting our dedication to youth inclusivity and development as essential contributors to nation-building. The Ministry of Youth will shortly reveal details on how representatives for the conference will be selected from our diverse young population.

I would like to take this opportunity with the New Year’s message to encourage our governors and local council chairpersons to collaborate closely with the central government in order to capitalize on emerging opportunities in agriculture, livestock, and tax reforms for national progress.

“I applaud the governors who have launched CNG-powered public transport as part of our Compressed Natural Gas initiative. Additionally, I extend my congratulations to those incorporating electric vehicles into our national energy mix and transition efforts. The Federal Government remains committed to providing necessary support to the states.”

To all citizens, your sacrifices over the past 19 months have been meaningful and valued. Rest assured that they will continue to hold significance in the coming months as well. Let us work together towards our nation’s progress and remain steadfast on this path of nation-building.

The New Year will draw us nearer to the promising future we all envision and the Nigeria we’ve always dreamed of.

Company to Collaborate with Banks and the Private Sector

To accomplish this, the Federal Government will create the National Credit Guarantee Company to enhance risk-sharing tools for financial institutions and businesses.

The company, anticipated to commence operations by the end of the second quarter, is a collaboration involving government institutions like the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated. It also includes participation from both private sector entities and multilateral organizations.

This initiative will bolster confidence in the financial system, broaden access to credit, and assist under-served groups like women and youth. It aims to foster growth, promote re-industrialization, and enhance living standards for our citizens.

Personally, I want to express my gratitude for your trust in me as your president. Your confidence is deeply humbling, and I am committed to serving you diligently and wholeheartedly.

We will persist in implementing essential reforms to promote sustainable growth and prosperity for our nation.

I ask for your continuous cooperation and teamwork as we work towards achieving our goal of a one trillion-dollar economy. Let’s remain focused and united in this pursuit.

We are heading in the right direction towards creating a prosperous Nigeria that benefits all citizens. Let’s stay focused and not get sidetracked by a small portion of our population who view issues through political, ethnic, regional, or religious lenses.

To meet our national goals and objectives, we must enhance our citizenship qualities and remain steadfast in our devotion and loyalty to Nigeria.

The moral integrity and patriotism of our citizens are crucial to the success of the Renewed Hope Agenda. In 2025, we will dedicate ourselves to fostering a commitment to ethical principles, shared values, and beliefs through the National Identity Project.

“I plan to unveil the National Values Charter, which has already been approved by the Federal Executive Council, in early 2025. Alongside this, I will introduce an ambitious national orientation campaign aimed at fostering patriotism and love for our country while inspiring citizens to unite.”

The Charter aims to encourage mutual commitments between the government and citizens, fostering trust and cooperation both among our diverse population and with the government.

While our reforms are extensive and foundational, they can only achieve the desired outcomes when we embrace shared values, common identities, and an unconditional love for our country.