2025: We are going to reduce inflation rate from 34.6% to 15%  — Tinubu

President Bola Ahmed Tinubu has revealed his administration’s plan to reduce the country’s inflation rate from the current 34.6% to 15% by 2025.

He disclosed this during his New Year address to Nigerians on Monday.

President Tinubu highlighted that despite the challenges faced by the country in 2024, economic indicators suggest a positive and encouraging outlook for Nigeria.

According to him, the country recorded foreign trade surpluses in three consecutive quarters, alongside a decrease in the price of premium motor spirit (PMS), also known as petrol.

He further stated that Nigeria’s foreign reserves have increased, with the naira gaining strength against the US dollar.

He said, “As the New Year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfil our collective desires.

“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days. Economic indicators point to a positive and encouraging outlook for our nation.

“Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the naira has strengthened against the US dollar, bringing greater stability.

“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy.”

However, he noted that despite the significant strides made by the country in key areas, there is an urgent need to tackle the issue of the rising inflation rate, which currently stands at 34.6%.

He assured Nigerians that all efforts would be made to ensure the inflation rate is reduced to 15% by 2025.

He said, “In 2025, we are resolute in our ambition to reduce inflation to 15%, providing relief to our people.”

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