Leadnaija
President Bola Tinubu has announced a strategic initiative to address the soaring costs of food and essential drugs by establishing a National Credit Guarantee Company. This move, he said, is part of broader economic reforms aimed at improving living standards and promoting industrial growth in 2025.
“According to a report by The Nation, In his New Year address to the nation, Tinubu highlighted the economic strides made in 2024, including increased foreign reserves, a stronger naira, and record-breaking stock market performance. However, he acknowledged the persistent challenges of inflation and high commodity prices, pledging to tackle these issues head-on.
The National Credit Guarantee Company, expected to commence operations by mid-2025, will be a collaborative effort involving government institutions like the Bank of Industry, Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, alongside private sector partners and multilateral organizations. The initiative aims to expand access to credit for underserved groups, particularly women and youth, and to stimulate local manufacturing of critical goods.
Tinubu stressed the importance of financial inclusivity in achieving the government’s ambitious goal of reducing inflation from 34.6% to 15%. “With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” he affirmed.
Additionally, Tinubu urged state governments to align with federal efforts to reduce transportation costs through the Compressed Natural Gas (CNG) program. He lauded states that have already embraced CNG-powered public transportation and electric vehicles, describing them as crucial steps toward a sustainable energy future.
The President also used the opportunity to unveil plans for a National Values Charter and a Youth Conference, both slated for the first quarter of 2025. These initiatives aim to foster patriotism, ethical governance, and active participation in nation-building among young Nigerians.
Meanwhile, the opposition Peoples Democratic Party (PDP) has called on the President to address pressing issues like insecurity and widespread hunger more urgently. In a statement, the PDP criticized the government’s handling of economic reforms, alleging inefficiency and corruption.
Despite criticism, Tinubu remains optimistic about Nigeria’s future. He called for unity and collective effort to build a prosperous nation, emphasizing that “the sacrifices of Nigerians have not been in vain.” As 2025 unfolds, the President reiterated his commitment to policies that will drive growth, reduce inequality, and restore confidence in the country’s economic trajectory.
With this bold agenda, the Tinubu administration seeks to lay a foundation for economic stability and social progress in the new year.Tap Here for the Full Story
