President Bola Tinubu says his administration will establish a National Credit Guarantee Company before the end of the second quarter (Q2) of 2025.

Tinubu spoke on Wednesday during his New Year speech.

The president said his administration would consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“In 2025, our government is committed to intensifying efforts to lower these costs by boosting “food production” and promoting local manufacturing of essential “drugs” and other “medical supplies,” he said.

“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.

“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

“The company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, the private sector, and multilateral institutions.”

Tinubu said the initiative would strengthen the confidence of the financial system, expand credit access, and support underserved groups such as “women” and “youth.”

The president also said the company would drive growth, reindustrialisation, and better living standards for Nigerians.

President Bola Tinubu has praised Nigerians for their sacrifices since he took over the reins on May 29, 2023.

The president has implemented a raft of reforms that have left huge holes and dents in millions of pockets and bank accounts — culminating in Nigeria’s worst economic crisis in decades.

In August of 2024, Nigerians took to the streets to protest biting hunger, poor governance, and galloping inflation.

In his New Year message, Tinubu said there is light at the end of the tunnel.

“Dear Compatriots, I urge you to continue believing in yourselves and keeping faith in our blessed country,” he said.

“Let me use this New Year’s message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in “agriculture”, “livestock”, and “tax reforms” and move our nation forward.

“I commend governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The Federal Government will always offer necessary assistance to the states.

“To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain even in the months ahead. Together, let us stay the course of nation-building.

“The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.”

The president also said his administration will “continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.”

“I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united,” he added.

“We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of “politics”, “ethnicity”, “region”, and “religion.”

The Nigeria Labour Congress has called for the withdrawal of the Tax Reform Bills submitted by President Bola Tinubu to the National Assembly, urging a more inclusive process involving key national stakeholders.

The union, in its New Year message to Nigerians on Tuesday, emphasised the need for the government to prioritise citizen welfare and address the rising cost of living in 2025.

The NLC President, Joe Ajaero, described the bills as controversial, particularly in northern regions, where they have been criticised as detrimental to economic growth.

He stated that creating a comprehensive national tax policy requires collaboration across all sectors to ensure transparency and acceptance.

In the statement titled ‘In 2025, hope is in our collective resolve’, the NLC urged the government to prioritise policies that improve access to “food”, “healthcare”, “housing”, “education”, “transportation”, and “security”.

It also called for enhanced worker welfare, stating that fulfilling these needs is fundamental to effective governance.

Ajaero emphasised the union’s commitment to negotiating an upward wage review to address the economic challenges faced by workers.

He stressed the need for compliance with the 2024 National Minimum Wage Act and pledged to engage the government in safeguarding workers’ welfare through fair wage adjustments.

The NLC also criticised the increasing use of force in interactions with unions, warning that such actions could disrupt industrial harmony.

“As we step into the year 2025, the Nigeria Labour Congress, NLC, extends warm New Year greetings to every worker and citizen across our great nation.

“The challenges of survival we have faced as a people must not hold us down. Instead, let us find inner strength to build a collective resolve to drive Nigeria out of the morass of underdevelopment that has held it captive for far too long.

“No external power will deliver us from the scourge of economic hardship and stagnation. It is only through our collective effort and determination that we can propel our nation forward,” the statement read.

It urged the government to engage in meaningful social dialogue and uphold agreements with trade unions to maintain peace in the labour sector.

Looking ahead, the NLC plans to host a national dialogue in Ibadan this January to foster collaboration on a new tax framework that supports national development.

The union expressed hope for constructive engagement with social partners to build a more inclusive and prosperous Nigeria.

The statement added, “It is on this premise that we once again call on the federal government to withdraw its present tax bills before the National Assembly so that all key national stakeholders will be part of the process.

“As we embark on a national dialogue in Ibadan in January 2025, we want to join hands in co-creating a new national tax law that would enjoy wider acceptance and fulfil its purpose of propelling national development which we believe is the main objective of government.

“As we move into 2025, we urge the federal government to prioritise industrial peace by taking social dialogue seriously, pursuing pro-human progress policies, and respecting agreements with trade unions.

“We insist that governments at all levels must comply with the provisions of the 2024 National Minimum Wage Act from the very beginning of the year. Furthermore, given the economic realities imposed by recent government policies, we shall engage the government for a wage review to safeguard workers’ welfare.”

The NLC reaffirmed its dedication to advocating for workers’ rights and ensuring that governance reflects the needs of citizens, urging unity and collective resolve to drive the country toward sustainable development.