President Bola Ahmed Tinubu has committed to reducing Nigeria’s inflation rate to 15% from 34% by 2025, promising that a range of conventional programmes have been developed to achieve this goal, focusing on stabilising the economy and promoting growth.
The President stated this during his first media chat held in Lagos State, on Monday.
He outlined key strategies such as focus on local Production, emphasising the need for increased agriculture output for local consumption, improved Security for Farmers and ensuring safer farming conditions to encourage farmers to return to their fields as well as
Low-Interest Loans to farmers as measures to help combat inflation.
The Nigerian Leader also listed the encouragement of the procurement and manufacturing of drugs in Nigeria as mesures to reduce inflation in year 2025.
He said; “We have conventional programme we will bring it down gradually.
“Export incentives,harnessing marine eco system, bringing affordable transportation.”
Fuel Subsidy Removal
President Tinubu restated that he has no regrets about removing the fuel subsidy, emphasising that Nigeria has been mismanaging its resources for generations.
The President decried that the nation has been deceiving itself about the need for reforms, which are now essential.
“What’s contingency? Where is it we were spending our future. We are spending our generation’s fortunes. We were not investing. We just deceiving ourselves, that reform is necessary? I could see the smugglers fighting back that one doesn’t affect me is that affect smuggling. Why should you have expenditures that you don’t have revenue?
“Well, we should teach management with all our programs we have to manage our resources within our means. There is no way out that you give out fuel and allow all the entire neighboring countries as Father Christmas,I don’t have any regret whatsoever removing the subsidy. It is necessary. We cannot spend our future generations investment,” President explained.
The Nigerian Leader urged citizens to be more prudent in bills management as the country shifts towards necessary economic adjustments for a better future.
He said; “Part of the fear we face is unnecessary. No matter how you cut or slice it, you still have to meet the bills. So, cut your coat strictly according to your size.
“We must manage. Management is the key issue, and we have no choice but to address the challenges. Otherwise, we risk heading down slippery slopes that could lead to financial disaster, not just for us, but for our children and grandchildren. Where is the inheritance? Where is the pathway to prosperity.?”
President Tinubu emphasized the need to bridge the infrastructure deficit and reposition Nigeria as a technology-driven nation. He highlighted the importance of investments in these critical areas to maximize opportunities and achieve shared prosperity for all Nigerians.
The President regretted that the nation had only borrowed for mismatch needs in the past years thereby leaving major projects such as road construction in bad condition.
He promised that his administration is prioritising borrowing to provide capital project for the country.
“Borrowing is not criminal; rather, it stems from a mismatch between our needs and available resources, President Tinubu stated.
“We have a serious infrastructure deficit. If you don’t invest in long-term projects on a matching long-term basis, you cannot manage a long-term business with short-term resources. It’s a mismatch,” the President explained.
He acknowledged past missteps, saying: “Yes, we have taken the wrong road in the past, but I don’t want to dwell on that. I want to focus on prosperity for our country and think about tomorrow today. What are the elements of this borrowing? Capital projects.”
Highlighting critical areas requiring urgent attention, he said: “Our roads are terrible. Our internet infrastructure is not up to the level we desire for a technology-driven nation. We are still grappling with electricity deficits and gaps in power generation. How do you address this? You have to tackle it head-on with determination and brace for a very strong push.”
The President stressed the importance of bold investments in infrastructure and technology to position Nigeria for future growth and prosperity
To Boost Foreign Direct Investment,
President Tinubu said his administration would encourage assemblage of electric vehicles in Nigeria thereby leveraging on the huge lithium deposit in Kaduna, Nasarawa states and other parts of the country.
Mercy Chukwudiebere
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