Discover President Tinubu’s plans for 2025, including the establishment of a National Credit Guarantee Company to lower food and drug prices, expand credit access, and foster economic growth. Tinubu Unveils 2025 Strategy to Reduce Food and Drug Costs ABUJA — President Bola Ahmed Tinubu has announced the Federal Government’s commitment to alleviating the burden of high food and drug prices through the establishment of a National Credit Guarantee Company (NCGC). The initiative, set to launch in mid-2025, is aimed at promoting local manufacturing, stabilizing costs, and expanding credit access for underserved groups like women and youth. In his New Year address, Tinubu urged state governments to embrace the federal Compressed Natural Gas (CNG) initiative, designed to cut transportation costs for Nigerians. Additionally, he highlighted the upcoming Youth Conference, which promises to foster youth inclusivity and nation-building efforts in the first quarter of 2025. Key Highlights of Tinubu’s Address National Credit Guarantee Company to Combat Inflation Tinubu revealed that the NCGC will collaborate with major institutions, including the Bank of Industry (BOI), Nigerian Sovereign Investment Agency (NSIA), and the Ministry of Finance Incorporated. This company will strengthen financial system confidence, enhance access to credit, and support economic growth. “2025 will bring brighter days, marked by strengthened economic stability and reduced inflation,” Tinubu assured. Boosting the Economy The President noted several economic improvements in 2024: Youth Inclusivity and Development In response to the 2020 #EndSARS protests, Tinubu reaffirmed his commitment to youth empowerment. The planned Youth Confab, set for Q1 2025, will enable young Nigerians to contribute to national development. “The youth are the builders of our nation’s future,” he said. The Ministry of Youth will soon outline the criteria for selecting diverse representatives for the conference. Calls for Collaboration Tinubu called on state and local governments to partner with the federal government in agriculture, tax reforms, and energy initiatives like CNG adoption and electric vehicles. PDP’s Reaction to Tinubu’s Address Meanwhile, the Peoples Democratic Party (PDP) criticized Tinubu’s speech, urging him to present immediate and concrete solutions to food insecurity, fuel costs, and national insecurity. According to PDP spokesperson Debo Ologunagba, “The government must go beyond rhetoric and address pressing challenges like hunger, corruption, and unemployment.” The PDP also demanded accountability for funds generated from the removal of the fuel subsidy and transparency in addressing past injustices, including the 2020 EndSARS protests. Looking Ahead Tinubu urged Nigerians to remain united, emphasizing his administration’s reforms and dedication to fostering a $1 trillion economy. He also announced plans to launch the National Values Charter in early 2025, promoting shared values and patriotism among citizens. “This New Year marks a turning point. Together, we will build a brighter future,” Tinubu concluded. By adopting these strategies, Tinubu aims to navigate Nigeria toward economic prosperity while addressing critical challenges. As 2025 unfolds, Nigerians anticipate seeing tangible results from these initiatives. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Discover how Nigeria’s cost-of-living crisis is pushing vulnerable citizens to the brink. Rising food prices, inflation, and stampedes leave many struggling during the festive season. Cost-of-Living Crisis Takes a Deadly Toll in Nigeria As Nigeria grapples with a worsening cost-of-living crisis, recent events have exposed the devastating impact on citizens. Stampedes in Abuja and Anambra State left several dead and injured as Christmas nears, underscoring the harsh realities faced by vulnerable Nigerians. Tragic Stampedes Claim Lives In Maitama, Abuja, a stampede occurred as over 1,000 people gathered to receive rice and other food items meant for the vulnerable and elderly. Tragically, 10 people lost their lives, including four children, while eight others sustained injuries. Similarly, in Okija, Anambra State, dozens of individuals died in a stampede while attempting to collect 10kg bags of rice distributed by the Obi Jackson Foundation. Shocking videos circulating online showed chaotic scenes of bodies sprawled in a tragic aftermath. These incidents follow a similar tragedy in Ibadan, where 35 children lost their lives during a Christmas funfair stampede. The event was intended to distribute food and cash to 5,000 children, but an overwhelming turnout of 7,500 led to the disaster. Rising Cost of Rice Deepens the Crisis Rice, a staple food during festive seasons in Nigeria, has become increasingly unaffordable for many families. In just one year, the price of a 50kg bag of local parboiled rice has surged by 66%, rising from ₦60,000 in December 2023 to ₦100,000 in December 2024. This sharp increase is particularly harsh in a country where the minimum monthly wage is ₦70,000 (less than $50). With inflation reaching 34.6% in November 2024, Nigerians are facing unprecedented economic pressure. Struggling to Afford Basic Necessities For many, the cost of living has spiraled out of control. Bola Ademosu, a teacher in Lagos, lamented the financial strain: “How do I afford to buy a bag of rice for ₦100,000 when I earn only ₦100,000? What will I have left to feed my children and for our upkeep?” Her concerns are echoed by millions of Nigerians who struggle to balance rising food and fuel prices amidst a worsening naira scarcity. The Cost of Jollof Rice Skyrockets Even the preparation of jollof rice, a beloved delicacy, has become a challenge. The Jollof Index reveals that the average cost of cooking a pot of jollof rice for a family of five has risen by 5.1%, now costing ₦21,300. Conclusion The cost-of-living crisis in Nigeria is not just an economic issue—it is a humanitarian one. As inflation rises and essential food items become unattainable, citizens face increasing desperation. The tragic stampedes during food distribution events highlight the urgency of addressing this crisis, especially as the festive season approaches. With proper interventions, including inflation control, wage adjustments, and targeted relief programs, there is hope for alleviating the struggles faced by millions of Nigerians. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The cost of locally grown paddy rice is projected to rise by about 55% during the 2024/2025 season, further intensifying the already high cost of living, according to a new report. The Afex Wet Season Crop Production 2024 report, obtained by Nairametrics, reveals a consistent upward trend in rice prices. It notes that during the 2023/2024 season, rice prices surged by 78%, with the average price reaching N630,000 per metric ton. This sharp increase was attributed to supply shortages and growing demand, which outstripped available stock. The report also predicts another price hike of approximately 55% for the upcoming season. This increase is largely driven by the high starting price of around N750,000 per metric ton for the 2024/2025 season, which reflects ongoing supply constraints. By the third quarter of 2025, the price of paddy rice is expected to rise further, reaching between N1,100,000 and N1,300,000 per metric ton. Several factors are contributing to this price surge, including: These factors combined have pushed up the cost of rice in 2024. While the federal government has imposed restrictions on rice imports, some Nigerians believe these measures may help bring down food prices. However, data from the National Bureau of Statistics (NBS) shows that food inflation in Nigeria has risen to 39.16% year-on-year. In response, the government has waived import duties on certain food items, including wheat, maize, brown rice, and beans, to help control food costs. Nigeria’s rice production reached around five million metric tonnes in 2023, but this still covers only about 60% of the country’s consumption needs. The shortfall has led to illegal rice imports, further driving up market prices. Despite significant government investments, including the N1.1 trillion Anchor Borrowers’ Programme, rice prices have risen sharply between 2016 and 2023. READ ALSO; Inibehe Effiong Calls for Adeboye’s Retirement Over ‘God Saved Naira’ Statement
