Inflation Rate Reduction: President Tinubu’s New Year Pledge
In his recent New Year message, President Bola Tinubu of Nigeria reiterated his administration’s commitment to reducing the country’s high inflation rate. Tinubu aims to bring down the current inflation rate of 34.6% to 15% by the end of 2025. The President outlined a dual strategy focusing on boosting food production and promoting local manufacturing of essential drugs to achieve this ambitious goal.
Tinubu acknowledged the challenges faced by households, including the soaring cost of basic necessities such as food and medication. Despite these difficulties, he expressed optimism for the year ahead, citing positive economic indicators. The President highlighted the economic progress made in 2024, such as a decrease in fuel prices, consecutive foreign trade surpluses, a slight recovery in the Naira’s value against the US dollar, and an increase in foreign reserves.
Since assuming office in May 2023, Tinubu inherited an inflation rate of 22.41%. However, his economic policies inadvertently led to a surge in inflation, causing a cost of living crisis for the citizens of Nigeria.
Source: NAIRAMETRICS
