Nigerian President Bola Tinubu has vowed to reduce inflation from 34.6% to 15% while ensuring economic stability, promising bold reforms to improve livelihoods.
Speaking during his first Presidential Media Chat on Monday, Tinubu outlined a multi-pronged strategy, including boosting local food production, increasing support for farmers, and enhancing national security.
“We will produce more locally, reduce reliance on imports, and provide low-interest loans to farmers,” Tinubu said. “Improved security, as reflected in our budget, will ensure farmers can return to their fields without fear.”
The President emphasized incentivizing local manufacturing, particularly for pharmaceuticals, to lower costs. “It’s time to harness Nigeria’s potential. With the right incentives, we can achieve this,” he said.
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Speaking further, the President reaffirmed his controversial decision to remove fuel subsidies, calling it a tough but necessary step. “We were mortgaging our future for today’s consumption. I have no regrets,” he stated.
He also defended his tax reforms, aimed at broadening the tax base and modernizing the system. “Tax reforms are here to stay. We must widen the net to support development,” Tinubu said, stressing the need to target tax evasion and outdated systems.
On agriculture, the President announced plans to incentivize mechanized farming, saying, “Mechanized farming is better for Nigeria. Farmers deserve the tools to thrive.”
While acknowledging the challenges, Tinubu expressed optimism. “It is not an easy journey, but Nigeria is on the path to recovery,” he added.
