₦airaland Forum

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.

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


https://leadership.ng/bringing-down-cost-of-living-is-our-priority-tinubu/

Parachoko:
It's a pity that Obidients like nairalanda1 won't give the President the praise he deserves

Sheuns:
“Slow down the economy”

“Reduce their purchasing power”

Mr. Man, you have no intention of bringing down costs of living, when the Catholic bishops came to you and told you the hard truth, you lied to yourself that you were doing well and Nigerians are better off. You’re making this U-Turn because of election season and it’s only going to work on the ignorant once that choose to still remain ignorant.

ElSudani:
What economy did you have? South Korea, Malaysia, Indonesia and Nigeria were on the same level at some point.
While others invested in industry, education, agriculture, health etc. We wasted our own resources on dumb populist schemes.
Tinubu actually saved Nigeria from economic doom.

Kuginzi:
https://leadership.ng/bringing-down-cost-of-living-is-our-priority-tinubu/

Parachoko:
It's a pity that Obidients like nairalanda1 won't give the President the praise he deserves

Parachoko:
On Asiwaju Bola Ahmed Tinubu Mandate I Stand Gidigba

Sheuns:
“Nigeria has been in economic doom since 1960 till 2023 when Tinubu came and saved it.”

APC data boy mentality.

Lastmankc:
This man is still sounding like an opposition leader

Typical of yourself, everything is fake. You promised Nigerians lower transport fares from October 1st. Today is October 1st. Did your promise miss the bus? You attacked my plan to make life affordable in your Independence Day speech, but you did not tell Nigerians which… pic.twitter.com/C1hi0h8txp

— Emma ik Umeh (Tcee )🇳🇬 (@emmaikumeh) October 1, 2026

ElSudani:
No, actually in your warped estimate Nigeria was shoulder to shoulder with Germany and Japan until Tinubu came and ruined everything for you and made you hungry.
It is hard for folks like you to understand why a country so blessed with everything could still be poor.
Many of you cannot think beyond the next meal even though folks like you would rather emigrate to Afghanistan than having anything to do with producing that food.

Parachoko:
On Asiwaju Bola Ahmed Tinubu Mandate I Stand Gidigba

Kuginzi:
https://leadership.ng/bringing-down-cost-of-living-is-our-priority-tinubu/

Parachoko:
It's a pity that Obidients like nairalanda1 won't give the President the praise he deserves