Tinubu to establish credit firm to bring down food, drug prices

President Bola Tinubu said yesterday the Federal Government hopes to bring down the price of food and promote local manufacturing of essential drugs and other medical supplies through the establishment of a National Credit Guarantee Company in the new year.

Tinubu, who disclosed this in his New Year nationwide broadcast to the nation, also asked states to key into the federal government’s Compressed National Gas, CNG, programme to reduce the cost of transportation for Nigerians.

The President equally said the youth confab he promised in the aftermath of the #EndBadGovernance protests across the country, would begin in the first quarter of 2025, as a testament of his government’s commitment to youth inclusiveness and investment as nation-builders.

This is as the main opposition party, the Peoples Democratic Party, PDP, charged the President not to taint the new year with an address that will not proffer immediate and concrete steps to reduce the price of fuel and address widespread hunger.

New coy to partner BOI, NSIA, others

According to the President, the new company, which is expected to begin operations before the end of the second quarter of the new year, is a partnership of government institutions, including the Bank of Industry, BOI, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, NSIA, the Ministry of Finance Incorporated, the private sector and multilateral institutions.

Tinubu, who noted that the initiative will strengthen the confidence of the financial system, expand credit access and support under-served groups such as women and youth, said the new company will help expand risk-sharing instruments for financial institutions and enterprises.

READ ALSO:

• Naira exchanges N1,650/$ in parallel market
• Tension as Anambra community union asks monarch to stop Ofala Festival
• Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The President said: “As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfil our collective desires.

“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days. Economic indicators point to a positive and encouraging outlook for our nation.

“Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the naira has strengthened against the US dollar, bringing greater stability.

“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.

“In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.

“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

Company to expand risk-sharing instruments for banks, businesses

“To achieve this, the Federal Government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

The company, expected to start operations before the end of the second quarter, is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.

READ ALSO:

• Lagos govt clears traders from rail tracks at Bolade, Oshodi
• Four countries that won’t celebrate New Year
• Social media abuzz over Fayose claim of N50m donation to VeryDarkMan’s NGO

“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.

“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.

“We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.

‘’I seek your co-operation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.

‘’We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.

‘’To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria.

‘’Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project.

‘’I will unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together.

‘’The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.

Youth confab for the first quarter of 2025

‘’The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population.

‘’Let me use this New Year’s message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward.

‘’I commend governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The Federal Government will always offer necessary assistance to the states.

“To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain, even in the months ahead. Together, let us stay the course of nation-building.
The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.

Tinubu to establish credit firm to bring down food, drug prices

Tension as Anambra community union asks monarch to stop Ofala Festival

A crisis is brewing in Enugwu-Agidi Community of Njikoka Local Government Area of Anambra State, following an order by the community’s union, ordering its monarch to halt activities on his proposed Ofala Festival.

This has resulted in tension as arrangements had been concluded by the monarch before the news of the abolition of the exercise.

Ofala festivals are annual traditional festivals presided over by duly coronated monarchs to celebrate themselves and also commemorate their time on the throne. It is also a time when monarchs confer titles on deserving individuals.

READ ALSO:

• Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
• Lagos govt clears traders from rail tracks at Bolade, Oshodi
• Four countries that won’t celebrate New Year

But a letter signed by David Onuora, the President General of Enugwu-Agidi Brotherly Union and Israel Chineze, the Secretary-General, and sent to the monarch, His Royal Highness Igwe Michael Okekeuche, ordered him to desist from holding the festival.

The duo also wrote to the Anambra State governor, Prof. Chukwuma Soludo, and the Commissioner for Local Government and Chieftaincy Matter, TonyCollins Nwabunwanne, alerting them of their decision, saying that going ahead may cause a breakdown of law and order.

Tension as Anambra community union asks monarch to stop Ofala Festival

Lagos govt clears traders from rail tracks at Bolade, Oshodi

The Lagos State Government has removed traders operating on the rail tracks at Bolade, Oshodi, following a viral video that raised concerns about public safety.

The announcement was made by Tokunbo Wahab, Lagos State Commissioner for Environment and Water Resources, on Monday.

The clearance was done in collaboration with the Nigerian Army from the nearby Ikeja Cantonment.

Wahab’s statement read: “Following the viral video on social media, we’ve removed traders from the rail tracks at Bolade, opposite Arena Shopping Complex, in collaboration with Nigerian Army personnel from Ikeja Cantonment.” 

READ ALSO:

• Four countries that won’t celebrate New Year
• Social media abuzz over Fayose claim of N50m donation to VeryDarkMan’s NGO
• Mexico recovers 31 bodies from secret graves

The viral video, originally shared on X (formerly Twitter) by a user identified as @dipoaina1 on December 28, depicted scenes of buying and selling taking place perilously close to the railway tracks.

The footage showed an NRC train on the Lagos-Ibadan rail track passing by as people continued their activities undeterred. The post highlighted the dangers posed by the lack of barriers, with @dipoaina1 suggesting the railway route be fenced with barbed wire to prevent such risky behavior.

The government’s swift response underscores its commitment to ensuring public safety and maintaining order around critical infrastructure. This move also aligns with broader efforts to address safety challenges associated with urban rail transportation in Lagos. However, the incident highlights the need for sustained proactive measures rather than reactive actions to prevent future occurrences.

Lagos govt clears traders from rail tracks at Bolade, Oshodi