Tinubu Announces New Measures to Tackle Food Prices, Drug Costs, Youth Inclusion

In a New Year address to Nigerians, President Bola Tinubu outlined key initiatives aimed at reducing food prices, promoting local manufacturing, and fostering youth inclusion as part of his administration’s vision for 2025. He announced plans to establish a National Credit Guarantee Company, designed to enhance financial inclusion and spur local production of essential goods, including medical supplies.

The new company, which will commence operations by mid-2025, will be a collaboration between federal institutions like the Bank of Industry, Nigerian Sovereign Investment Agency, Ministry of Finance Incorporated, private sector players, and multilateral organizations. Tinubu said the initiative would provide risk-sharing instruments for financial institutions, expand access to credit, and support underserved groups such as women and youth, thereby driving economic growth and reindustrialization.

Boosting Food Production and Economic Stability

President Tinubu acknowledged the economic challenges faced by Nigerians in 2024, particularly concerning food and drug affordability. He pledged to intensify efforts to reduce inflation from 34.6% to 15% by focusing on boosting food production and encouraging local manufacturing. The President highlighted positive economic indicators, including foreign trade surpluses, increased foreign reserves, a strengthened naira, and a record-breaking performance in the stock market.

Tinubu also called on states to embrace the federal government’s Compressed Natural Gas (CNG) program to reduce transportation costs, noting that some governors have already begun adopting CNG-powered and electric public transport systems.

National Values Charter and Youth Confab in 2025

The President reaffirmed his commitment to uniting Nigerians through a National Values Charter, which will promote shared ethical principles, patriotism, and mutual trust. The charter is slated for unveiling in the first quarter of 2025, alongside a national orientation campaign aimed at fostering unity and love for the country.

Additionally, Tinubu announced that the long-awaited youth conference promised after the #EndBadGovernance protests would commence in the first quarter of 2025. The event, organized by the Ministry of Youth, will focus on inclusivity and the role of young people as drivers of national progress. Modalities for selecting youth representatives will be unveiled soon.

Opposition’s Reaction

The Peoples Democratic Party (PDP) criticized the President’s address, urging him to provide immediate solutions to pressing issues like fuel prices, food insecurity, and widespread hunger. In a statement, PDP National Publicity Secretary Debo Ologunagba accused the government of prioritizing rhetoric over actionable reforms and failing to address corruption, insecurity, and economic instability.

The PDP also called for accountability regarding the billions of naira accrued from subsidy removal, as well as the recovery of alleged stolen funds. The party expressed concerns about the rising hardships faced by Nigerians, citing government policies as a contributing factor to increased poverty and desperation.

Despite the criticism, Tinubu expressed optimism for 2025, calling on Nigerians to remain united in their collective pursuit of national prosperity. He assured citizens that their sacrifices would yield positive results, emphasizing the administration’s commitment to building a stable and prosperous Nigeria.