President Tinubu aims to reduce Nigeria's inflation rate from 34.6% to 15% by 2025. In his New Year address, he highlighted positive economic trends, including trade surpluses, a stronger naira, and decreased fuel prices. Despite challenges, Tinubu remains confident that this target will bring relief to Nigerians.
In his New Year address to Nigerians, President Bola Ahmed Tinubu announced plans to reduce the country’s inflation rate from its current 34.6% to 15% by 2025. Despite the challenges of 2024, Tinubu expressed optimism, citing positive economic indicators. He highlighted that Nigeria had achieved foreign trade surpluses for three consecutive quarters, a decrease in fuel prices, and an increase in foreign reserves. Additionally, the naira had strengthened against the US dollar, contributing to greater economic stability.
Tinubu further pointed to the stock market’s growth and the surge in foreign investment as signs of renewed confidence in the Nigerian economy. He acknowledged the hardship faced by Nigerians, particularly due to inflation, but assured the public that the government was focused on achieving the inflation target by 2025.
Addressing the nation with hope for a brighter future, Tinubu emphasized that tackling inflation would be one of the key priorities for his administration in the coming year. However, the president’s ambitious plan to curb inflation has drawn mixed reactions. While some citizens have expressed hope, others remain skeptical, questioning the feasibility of such a drastic reduction.
The government is expected to implement several measures aimed at stabilizing the economy, though experts warn that achieving the 15% target will be a complex and challenging task.
