Bringing Down Cost Of Living Is Our Priority – Tinubu

President Bola Ahmed Tinubu has declared that bringing down the cost of living remains the priority of his administration, saying the government will achieve this by reducing the cost of producing and moving goods and services across the country.

Tinubu made the declaration in his Independence Day address to Nigerians as the country marked its 66th anniversary.

The President said Nigeria had endured decades of war, military rule, economic crises, insecurity and political upheaval but remained resilient because of the determination of its people.

He recalled that 66 years after Nigeria’s flag was first raised over a free and sovereign nation, the country remained bound by the promise of building a united, strong and prosperous nation with regional authority and global consequence.

Tinubu paid tribute to farmers, traders, teachers, young entrepreneurs, members of the Armed Forces and security services who, he said, had sustained the country and risked their lives to protect it.

According to him, Nigeria’s founding fathers did not struggle merely for a flag, an anthem or a place among nations, but for the freedom to shape the country’s destiny and build a nation capable of providing opportunity, dignity and a better life.

“Sixty-six years later, Almighty God has made it our responsibility to deliver that promise,” he said.

President Defends Economic Reforms

Tinubu said the anniversary was an opportunity to speak honestly about Nigeria’s journey and the choices made.

He said the promise of Nigeria had for too long been undermined by decisions that postponed difficult choices and allowed economic distortions to deepen.

The President said Nigeria had reached a turning point after three years of difficult economic reforms, declaring that the country had moved from correcting economic distortions to a new phase centred on shared prosperity.

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

Tinubu said the reforms were necessary to confront longstanding weaknesses in the economy and argued that they did not create Nigeria’s economic problems but addressed distortions that had been allowed to deepen over time.

He likened the economic situation to that of a patient diagnosed with cancer, saying difficult treatment was necessary to address the underlying disease rather than merely suppress its symptoms.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said.

According to him, his administration chose to “excise the cancer” despite the difficult and painful consequences of the reforms.

He therefore said the government must resist calls to abandon the reforms and return to what he described as the abuse of subsidies.

“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” Tinubu said.

Tinubu Cites Economic Gains

The President said the economic outlook had improved three and a half years after the reforms began, citing economic growth of more than four per cent in 2026, contributions from the oil and non-oil sectors, reduced oil theft, a substantial decline in inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market.

He also said Nigeria recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion.

“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change,” Tinubu said, adding that the private sector had also responded positively and foreign direct investment continued to rise.

He said the central economic task had now shifted from correcting the country’s course to delivering prosperity.

“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal,” he said.

Production, Transport Costs Must Fall

Tinubu explained that prosperity meant a Nigeria where farmers could cultivate their land safely, produce more cheaply and earn a decent return; factories could have reliable power; businesses could access credit; young people could find productive work; and food, transportation and education would become more affordable.

He said the government would focus on mechanised irrigation and dry-season farming, improved access to seeds and fertiliser, greater mechanisation, and investment in storage and transportation.

Roads, railways and ports, he added, were being built and completed to connect farms and factories to markets.

According to him, reducing production and transportation costs would ultimately help lower the prices of goods.

“Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.

Jobs, Industry Central To Prosperity

The President also identified productive employment as central to achieving prosperity, saying Nigeria’s young population represented an opportunity for economic growth if properly harnessed.

“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies,” he said.

He said the government would use Nigeria’s gas resources to power new industries, support businesses seeking to revive factories in major industrial centres, expand digital connectivity, invest in skills demanded by employers and provide Nigerian businesses with infrastructure and finance to grow.

“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home,” Tinubu said.

‘We Cannot Erase Poverty In Four Years’

The President, however, acknowledged that millions of Nigerians were still struggling with basic needs, including food, school fees, medical bills and transportation.

He said their difficulties predated the reforms and were the accumulated consequences of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutions that had failed vulnerable citizens.

“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.

Tinubu said the government was strengthening direct support for the poorest households and improving the National Social Register to ensure assistance reached those who genuinely needed it.

He also highlighted the Nigerian Education Loan Fund, saying it was helping children from low-income families pursue higher education despite their parents’ inability to afford fees.

He said CREDICORP was providing working Nigerians with access to consumer credit to acquire vehicles, solar systems, digital devices and other essential assets without having to accumulate years of savings.

The President added that his administration would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services relied upon by poorer Nigerians.

He said salaries and pensions had been paid on time and in full since 2023, while the national pension programme had been reformed to benefit retirees and vulnerable citizens.

“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.

“Our objective is not to manage poverty more efficiently. We will defeat it.”

‘No Looking Back’

Tinubu acknowledged that achieving the objective would take time, discipline, sustained economic growth and the creation of millions of productive opportunities across the country.

He nevertheless said Nigeria was entering the next phase from a stronger position because the fundamental direction of the economy had been corrected.

“We confronted the difficult choices we faced and have laid the foundations for lasting prosperity,” he said.

The President urged Nigerians to look ahead, saying the country had “passed through our own Red Sea” and should not look back.

“The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people,” he said.

“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”

Tinubu urged Nigerians to move forward together with faith in themselves and the country, expressing confidence that the sacrifices made would yield their reward.