In his first presidential media chat since assuming office, President Bola Ahmed Tinubu outlined ambitious plans to address Nigeria’s economic challenges, including inflation reduction, subsidy removal, tax reforms, and security measures. Speaking from Ikoyi, Lagos, during a one-hour televised session moderated by Arise TV’s Reuben Abati, Tinubu confidently addressed pressing national issues.
Inflation Reduction to 15% by 2025
The President expressed optimism about cutting inflation from 34.6% to 15% next year by prioritizing local food production, supporting farmers, and introducing mechanized agriculture.
“We will produce more for local consumption and exports while reducing imports. Farmers will be given low-interest loans and provided with security to return to their farms,” Tinubu said.
He also revealed plans to expand pharmaceutical production, harness Nigeria’s marine ecosystem, and provide affordable transportation to lower costs.
No Regrets Over Subsidy Removal
Tinubu staunchly defended the removal of petrol subsidies, describing it as a painful but necessary reform to prevent financial disaster.
“We were deceiving ourselves with the subsidy. It encouraged smuggling and drained our economy. I have no regrets removing it. We cannot spend the investments meant for future generations today,” he emphasized.
The President likened the reforms to “labour pains,” stating, “Though challenging, they are vital steps toward birthing a stronger and more prosperous Nigeria.”
Stampedes in Oyo, Anambra, and Abuja
Tinubu also addressed the recent tragic stampedes that claimed several lives during food distribution events.
“It is a sad and avoidable incident. Proper organization and discipline are essential during such events,” he remarked, extending condolences to the bereaved families. He called for improved societal order, noting, “Even in developed countries, food banks operate with strict regulations to prevent chaos.”
On Price Control and Borrowing
The President dismissed the idea of price control, emphasizing supply as the solution: “I don’t believe in price control. We will work hard to supply the market adequately.”
Addressing Nigeria’s debt concerns, Tinubu explained that borrowing is not inherently bad when directed at long-term infrastructural projects.
“Our roads, internet access, and power generation are inadequate. Borrowing to address these challenges is essential for a technology-driven and prosperous future,” he asserted.
Fighting Corruption
Tinubu reiterated his administration’s commitment to combating corruption, highlighting efforts to block systemic inefficiencies and increase transparency.
“Corruption stems from lack of social amenities and poor wages. That’s why we’ve increased the minimum wage to N70,000 and are directing more funds to states and local governments,” he stated.
Student Loans and Education
Discussing education, the President pointed to the Student Loan Act as a critical anti-corruption measure.
“No parent should worry about their child’s university education. We are expanding the loan scheme to ensure access to education for all,” Tinubu explained.
Hope for 2025
Looking ahead, Tinubu assured Nigerians of better days.
“Year 2025 is promising. I thank Nigerians for their trust. We’re on the right path and will maintain focus. Let’s believe in ourselves and our country. Together, we will create a brighter tomorrow,” he concluded.
The media chat underscored Tinubu’s determination to tackle Nigeria’s economic and social challenges, offering a vision of reform-driven growth and national unity.
