The Federal Government has promised to lower costs of food items this year.
President Tinubu, who gave the assurance in his New Year message, said the government would achieve that by boosting food production and promoting local manufacturing of essential drugs and other medical supplies.
He said the government was resolute in its ambition to reduce inflation from its current high of 34.6% to 15%, emphasising that with diligent work and God’s help, the goal will be achieved to provide relief to Nigerians.
President Tinubu said this year, his administration would further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
To achieve this, he said the Federal Government would establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
The President stated that the company, expected to start operations before the end of the second quarter, was a partnership of government institutions.
According to him, the institutions are the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, Ministry of Finance Incorporated, the private sector, and multilateral institutions.
He said the initiative would strengthen the confidence of the financial system, expand credit access, and support under-served groups, such as women and youth, adding that it will drive growth, re-industrialisation, and better living standards.
