President Bola Tinubu has committed to reducing Nigeria’s inflation rate from its current level of 34.6% to 15%.
Speaking during his first media chat on Monday, night, Tinubu assured Nigerians that his administration is focused on improving the nation’s economy and ensuring a better standard of living for its citizens.
The president outlined key strategies to tackle inflation, including promoting the consumption of locally made products and increasing support for farmers.
He emphasized the need for reasonable funding and low-interest loans to empower farmers across the country.
Addressing concerns about security, Tinubu promised to enhance safety measures to enable farmers to work without fear of attacks. He highlighted his administration’s commitment to improving security, ensuring that farmers can return to their farms and contribute more to local food production.
In addition, the president stressed the importance of fostering local industries, such as drug manufacturing, and providing the necessary incentives for growth. He pointed to the efforts of Professor Patrick, who is spearheading initiatives to boost domestic drug production, and assured that his administration would continue to support such projects.
Tinubu emphasized the need to reduce government spending to create a more efficient and productive economy.
He said, “One, produce more for consumption locally, support imports, give reasonable level of funding and assistance, low interest rates to farmers, improve the security as you’ve seen in the budget, so that they can return to their farms and you know, produce more food.
“And encourage the procurement and manufacturing of drugs in Nigeria. We have what it takes…talk to Professor Patrick, he is doing an excellent job, trying to encourage… all I need to do is to put the incentives in place in order for them to harness what is possible in Nigeria. It is about time we do all of those. Bring the cost of governance down,” Tinubu said.
