Tinubu announces new company to reduce food and medicine prices
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President Bola Tinubu has announced the creation of a new company that hopes to reduce food prices and promote local production of essential medicines and other medical supplies.
In his New Year message, Tinubu touted the establishment of a National Credit Guarantee Company and called on states to participate in the federal government's Compressed National Gas, CNG, program to reduce the cost of transportation for Nigerians.
According to the President, the new company, which is expected to commence operations before the end of the second quarter of the new year, is a partnership of government institutions, including the Bank of Industry, the BOI, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Agency of Investments, NSIA, Ministry of Finance Incorporated, private sector and multilateral institutions.
“As the new year arrives, it brings with it many hopes, aspirations and prospects for better days ahead. By God's grace, 2025 will be a year of great promises in which we will realize our collective desires.
“Although 2024 has posed numerous challenges to our citizens and families, 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 gradually decreased and we recorded foreign trade surpluses in three consecutive quarters. Foreign exchange reserves increased and the naira strengthened against the US dollar, bringing greater stability.
“The record growth of the stock market has generated trillions of naira in wealth and the increase in foreign investment reflects renewed confidence in our economy. However, the cost of food and essential medicines continued to be a significant concern for many Nigerian families in 2024.
“In 2025, our government is committed to intensifying efforts to reduce these costs by increasing food production and promoting local production of essential medicines and other medical supplies. We are firm in our ambition to reduce inflation from its current maximum 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 production.
“To this end, the Federal Government will create the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and companies.
“This initiative will strengthen confidence in the financial system, expand access to credit and support underserved groups such as women and young people. It will drive growth, reindustrialization and better living standards for our people.
“On a personal note, thank you for placing your trust 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 the reforms necessary to promote the sustainable growth and prosperity of our nation.
''I seek your cooperation and collaboration at all times as we pursue our goal of a trillion-dollar economy. Let us remain focused and united.
“We are on the right path to building a great Nigeria that works for everyone. Let us not allow ourselves to be distracted by a small 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 loyalty to Nigeria.
''The moral rectitude and faith of citizens 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 release the Charter of National Values, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national-oriented campaign that promotes patriotism and love for our country and inspires citizens to unite.
''The Charter will promote mutual commitments between government and citizens and promote trust and cooperation among our diverse population and between government and citizens.
''However comprehensive and fundamental our reforms are, they can only produce the desired results through shared common values and identities and unconditional love for our country.
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Source: www.lindaikejisblog.com