Tinubu promises reduction of food, drug prices in New Year

 

President Bola Tinubu said yesterday the Federal Government hopes to bring down the price of food and promote local manufacturing of essential drugs and other medical supplies through the establishment of a National Credit Guarantee Company in the new year.

 

Tinubu, who disclosed this in his New Year nationwide broadcast to the nation, also asked states to key into the federal government’s Compressed National Gas, CNG, programme to reduce the cost of transportation for Nigerians.

The President equally said the youth confab he promised in the aftermath of the #EndBadGovernance protests across the country, would begin in the first quarter of 2025, as a testament of his government’s commitment to youth inclusiveness and investment as nation-builders.

This is as the main opposition party, the Peoples Democratic Party, PDP, charged the President not to taint the new year with an address that will not proffer immediate and concrete steps to reduce the price of fuel and address widespread hunger.

According to the President, the new company, which is expected to begin operations before the end of the second quarter of the new year, is a partnership of government institutions, including the Bank of Industry, BOI, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, NSIA, the Ministry of Finance Incorporated, the private sector and multilateral institutions.

Tinubu, who noted that the initiative will strengthen the confidence of the financial system, expand credit access and support under-served groups such as women and youth, said the new company will help expand risk-sharing instruments for financial institutions and enterprises.

The President said: “As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfil our collective desires.

“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 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.

“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.

“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.

“We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.

‘’I seek your co-operation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.

‘’We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.

‘’To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria.

‘’Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project.

‘’I will unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together.

‘’The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.

‘’As far-reaching and foundational as our reforms are, they can produce the desired outcomes only through shared common values and identities and unconditional love for our country.

Youth confab for the first quarter of 2025

‘’The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population.

‘’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.

‘’I commend governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The Federal Government will always offer necessary assistance to the states.

“To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain, even in the months ahead. Together, let us stay the course of nation-building. The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.”

PDP charges Tinubu to address insecurity, food crisis

Meanwhile, Peoples Democratic Party, PDP, has charged President Bola Tinubu not to taint the new year with an address that will not proffer immediate and concrete steps to reduce the price of fuel and address widespread hunger.

The party also asked the President to provide clear-cut measures to guarantee security of lives and property in the country.

National Publicity Secretary of PDP, Debo Ologunagba, who gave the charge in a statement in Abuja yesterday, said: “The party’s position 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 Party also challenges President Tinubu to use the address to give an account of the billions of Naira officially reported to have accrued from the removal of subsidy on petroleum products.

“Furthermore, Mr President should come clean on his public commitment to fight corruption by ordering an investigation and recovery of the over N25 trillion reportedly stolen by APC leaders and officials in government who have turned government agencies to Automated Teller Machines, ATM, 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 mission aboard 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 to the feelings of millions of impoverished citizens.

“The PDP cautions the APC not to carry over such attitude into 2025 as such would further exasperate the patience and sensibility of Nigerians.

“Our party however urges Nigerians not to lose hope in the nation but remain law-abiding and approach 2025 with optimism of a new dawn in their determination to defend our nation’s constitutional democracy, adherence to the rule of law, demand for transparency and accountability in government; in firm resistance to suppression and pervasive violations by the APC.

“This, the PDP believes is the sure step in the quest by our Party and Nigerians to return our country to the path of stability and economic prosperity which has eluded her since the calamitous coming of the APC in 2015. The PDP salutes Nigerians and wishes all a Happy 2025.”

Source: Vanguard