Tinubu: Reducing Cost of Living Remains Our Priority

By Ibrahim Kegbegbe

President Bola Ahmed Tinubu has said reducing the cost of living remains the central focus of his administration, assuring Nigerians that the Federal Government will intensify efforts to reduce the cost of producing and transporting goods and services.

Tinubu stated this on Thursday, October 1, 2026, in his Independence Day address to Nigerians as the country celebrated its 66th anniversary.

The President said the government’s economic priority had shifted from correcting the country’s economic challenges to achieving what he described as “shared and widespread prosperity.”

According to him, the objective is to build an economy where farmers can produce more at lower costs, factories have reliable electricity, businesses can access credit and young Nigerians can find productive employment.

“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” Tinubu said.

He said the Federal Government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and invest in storage and transportation.

Tinubu added that ongoing investments in roads, railways and ports were aimed at improving the movement of agricultural and industrial goods from farms and factories to markets.

He explained that lower production costs, reduced post-harvest losses, improved electricity supply, faster transportation and a competitive business environment would help reduce the prices of goods and services.

The President also said job creation, enterprise and industrial growth would remain central to the next phase of his administration.

He said the government would use Nigeria’s gas resources to power new industries, support the revival of factories, expand digital connectivity and invest in skills required by employers.

Tinubu expressed his desire to see more Nigerians producing goods locally, more Nigerian farms supplying cities and factories, and more Nigerian businesses exporting products to the international market.

He also acknowledged the economic difficulties facing millions of Nigerians, particularly families struggling to meet the cost of food, education, healthcare and transportation.

The President said the difficulties confronting many Nigerians were not created by the economic reforms of the past three years, but were the accumulated consequences of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutional weaknesses.

He, however, acknowledged that many Nigerians could not wait indefinitely for the benefits of long-term economic reforms.

Tinubu said his administration was therefore strengthening direct support for poor and vulnerable households while improving the National Social Register to ensure that assistance reaches those who genuinely need it.

He also highlighted the Nigerian Education Loan Fund, saying it was helping students from low-income families pursue higher education without being prevented by their inability to pay school fees.

The President said CREDICORP was also providing working Nigerians with access to consumer credit for essential assets, including vehicles, solar systems and digital devices.

He further said the Federal Government, in partnership with state and local governments, would continue to strengthen primary healthcare, basic education and other essential public services.

Tinubu also defended his administration’s economic reforms, saying they were introduced to address deep-rooted distortions in the Nigerian economy.

According to him, the reforms were difficult and had produced significant challenges for citizens, but were necessary to correct the country’s economic direction.

The President said the economy had grown by more than four per cent in 2026, with both the oil and non-oil sectors contributing to what he described as a period of stable growth.

He also said oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.

Tinubu further disclosed that Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the highest non-oil export revenue recorded by the country.

He said the developments showed that the country was beginning to benefit from the economic reforms and had created a stronger foundation for future prosperity.

On youth development, the President said millions of young Nigerians enter adulthood every year with talent, energy and ambition, stressing that the government must ensure that the country’s youthful population becomes an engine of production.

He said his administration would continue to support businesses, skills development, digital connectivity and industrial expansion to create productive opportunities for young Nigerians.

Tinubu acknowledged that poverty could not be eliminated overnight, saying the task would require discipline, sustained economic growth and the creation of millions of productive opportunities.

He urged Nigerians to remain united and focused on building a better future, saying the country had passed through difficult years and should now concentrate on translating economic reforms into improved living conditions.

“The age of reform has done its work. Now begins the age of prosperity,” Tinubu declared.

He said the ultimate goal was to build a Nigeria where prosperity is broadly shared, children can aspire beyond the circumstances of their birth and the country’s vast potential is reflected in the everyday lives of its citizens.

The President concluded his Independence Day address by congratulating Nigerians on the 66th anniversary of the country’s independence and calling for collective commitment to building a stronger and more prosperous nation.

“Happy Independence Day, my fellow Nigerians. God bless you all, and God bless the Federal Republic of Nigeria,” he said.