Tinubu's New Initiative To Reduce Food And Drug Costs In 2025

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.

Focus Areas:
- Local food production
- Domestic drug manufacturing
- Reducing inflation from 34.6% to 15%

“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:

Gradual reduction in fuel prices
Growth in foreign reserves
Strengthening of the naira
Record gains in the stock market
Increased foreign investments

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.