President Bola Ahmed Tinubu has declared that reducing the cost of living remains the central economic priority of his administration, as Nigeria marked its 66th Independence anniversary on Thursday.
Tinubu, in his Independence Day address to Nigerians, said the government would pursue the objective by reducing the cost of producing and transporting goods and services across the country.
The President said the next phase of his administration’s economic programme would focus less on stabilisation and more on translating economic growth into improved living conditions, jobs and broader prosperity.
He said the government would target lower production costs through investments in agriculture, infrastructure, transportation, energy, digital connectivity and industrial development.
According to him, the objective is to ensure that savings achieved by farmers, manufacturers and businesses eventually translate into lower prices for consumers.
Tinubu: Nigeria has reached a turning point
The President said his administration inherited an economy weighed down by what he described as longstanding distortions and difficult structural problems.
He defended the reforms introduced since 2023, arguing that the measures were necessary despite the hardship they imposed on households and businesses.
Tinubu likened the country’s economic problems to cancer, saying previous administrations had treated the symptoms rather than confronting the underlying causes.
He said the reforms had now moved Nigeria into a new phase.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” Tinubu said.
He added that after three years of correcting the country’s economic direction, the government’s focus had now shifted to shared and widespread prosperity.
Cost of living remains major challenge
Tinubu acknowledged that millions of Nigerians continue to struggle with the cost of food, education, healthcare and transportation.
He said the government would respond by increasing agricultural production, expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, investing in storage and developing transportation infrastructure.
The President also linked lower consumer prices to improvements in the movement of goods.
He said better roads, railways and ports would help connect farms and factories to markets, while lower energy and transportation costs would reduce the expenses incurred by producers and businesses.
The administration has previously tied cheaper transportation to its expansion of compressed natural gas (CNG) infrastructure. In September, Tinubu said the government expected more Nigerians to begin seeing measurable reductions in transportation costs from October 1, citing examples of CNG and electric public transport services already operating at substantially lower fares in Borno.
Jobs and industrial production
Beyond lowering prices, Tinubu said his administration would prioritise job creation, enterprise and industrial expansion.
He said Nigeria’s young population could become an economic advantage if properly supported with skills, infrastructure, financing and productive opportunities.
The President said the government would use Nigeria’s gas resources to support new industries, revive factories and expand digital connectivity.
He also expressed his desire to see more Nigerian-made products consumed locally and exported internationally.
“I want to see more Nigerians making things,” Tinubu said.
He also pointed to the ambition of having young Nigerians build technology companies capable of becoming global businesses.
Government support for vulnerable Nigerians
While defending the reforms, Tinubu acknowledged that many Nigerians could not afford to wait for the benefits of long-term economic growth.
He cited measures including the National Social Register, the Nigerian Education Loan Fund, CREDICORP, primary healthcare and basic education programmes.
He also said salaries and pensions had been paid on time and in full since 2023, while reforms had been introduced to improve the national pension programme.
Tinubu maintained that such interventions should not be regarded as substitutes for economic prosperity but as support for vulnerable Nigerians while the broader economy develops.
“Our objective is not to manage poverty more efficiently,” he said. “We will defeat it.”
Tinubu declares ‘age of prosperity’
The President said Nigeria’s economic transformation would not happen overnight, acknowledging that the country’s problems had accumulated over several decades.
He nevertheless argued that the government had now laid what he described as stronger foundations for sustained growth.
“The age of reform has done its work. Now begins the age of prosperity,” Tinubu declared.
He said the new phase should ultimately be measured not only by economic statistics but by whether Nigerians experience better living standards.
Tinubu concluded his address by urging Nigerians to look forward rather than backwards, saying the country had “corrected its course” and should continue along the path of reform.
The full address is reproduced below:
“My fellow Nigerians,
“Sixty-six years ago today, our flag was raised, for the first time, over a free and sovereign nation. Since then, we have journeyed together as one nation, bound by our collective trust in the great promise of Nigeria: that a country of our size, our bountiful resources, our cultural diversity and, above all, our extraordinary people can build a giant in Africa; that in this blessed and fertile land we can build a united, strong and prosperous nation; a land of regional authority and global consequence.
“Our journey has not always been easy. In truth, it has generally been too hard for too many. We have known moments of great hope and periods of profound disappointment. We have endured war, military rule, economic crises, insecurity and political upheaval. Yet through it all, Nigeria, with the indomitable spirit of its people, has endured.
“It has endured through the efforts of the farmer who rises before dawn to work his land. The trader who opens her shop each morning, hopeful for a productive day. The teacher who believes in the children entrusted to her care and the young entrepreneur who refuses to surrender ambition to circumstance. We are grateful for the men and women of our Armed Forces and security services who place themselves in harm’s way so that the rest of us may live in peace.
Sixty Years Later
“Through every difficulty, generations of Nigerians have continued to believe in one thing: that this country of ours will be better.
“This faith, which sustains us all, is the inheritance of independence. Our founding fathers did not struggle merely for a flag, an anthem or a place among the nations of the world. Independence carried a larger promise: that Nigerians would have the freedom to shape their own destiny and build a nation capable of providing opportunity, dignity and a better life for its people. Sixty-six years later, Almighty God has made it our responsibility to deliver that promise.
“Today, as we celebrate our independence, we must speak honestly about the journey so far, the choices we made, and the country we are determined to build from here.
“For too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow.
“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act.
Nigeria, The Sick Patient
“Nigeria was like a sick patient who receives the terrible news that he has cancer. His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery. The patient has a choice. He can begin treatment, endure its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.
“They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next.
“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.
Tinubu Defends Reform
“Our reforms did not create the weaknesses in our economy. They confronted them. 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. We must remember why we began this journey and how far we have already come.
“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth.
“Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised, and in 2025 this country recorded its highest revenue from non-oil exports in its history, exceeding $6 billion. This is real money being made by real Nigerian businesses.
“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change. Each has concluded that our reforms have strengthened Nigeria’s economic stability and resilience. The private sector has long since delivered its verdict, and foreign direct investment continues to rise each year.
“My fellow Nigerians, we have reached a turning point.
Overriding Course
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course.
“Now, our purpose is simple: shared and widespread 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.
“I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour. A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work. A Nigeria in which food and transportation are affordable, education is within reach, and hard-working families can look towards the future with confidence.
“This is the promise we must now fulfil.
“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.
“We have the land and people to feed ourselves. My government is therefore focused on expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, holistically increasing mechanisation, and investing in storage and transportation. We are building and completing the roads, railways and ports that connect farms and factories to markets.
Simple Logic
“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.
“But prosperity requires more than cheaper goods. It requires productive work.
“Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition. Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.
“We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres. We will expand digital connectivity into communities that have waited too long to participate in the modern economy. We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need 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.
The Struggle Continues
“I am also conscious that millions of our fellow citizens cannot wait for tomorrow. Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work. Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most.
“We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way.
“That is why we are strengthening direct support for the poorest households and improving the National Social Register so that assistance reaches those who genuinely need it.
“It is why the Nigerian Education Loan Fund is ensuring that the child of a low-income family need not surrender the dream of higher education simply because his parents cannot afford the fees.
“It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings.
“That is why, working with our states and local governments, we will continue to strengthen primary healthcare, basic education, and the essential public services poorer Nigerians depend on most. Since 2023, we have paid salaries and pensions on time and in full. We have reformed the national pension program to benefit retirees and the vulnerable.
Substitutes For Prosperity
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently.
“We will defeat it.
“It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country.
“But for the first time in decades, we embark on this task from a position of strength; with an economy whose fundamental direction has been corrected. We confronted the difficult choices we faced and have laid the foundations for lasting prosperity. Rather than fail the promise of a better future for our children, the time has come for us to build that future.
“The age of reform has done its work. Now begins the age of prosperity. An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life.
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“We have travelled through difficult years together. We have made hard decisions together. And now, still together, we must build the country those decisions have made possible.
“I believe deeply in what lies ahead.
“I believe in the millions of ordinary men and women whose work, courage and determination have always been the true strength of our country. The road ahead will still demand much from us. But we travel it now with firm footing, a clear direction and renewed hope in our collective future.
We Have Crossed The Red Sea
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward.
“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.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.
“Happy Independence Day, my fellow Nigerians. God bless you all, and God bless the Federal Republic of Nigeria.
“Bola Ahmed Tinubu, GCFR
“President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria.”