Tinubu made the declaration in his Independence Day address to the nation on Thursday, as Nigeria marked its 66th anniversary, saying the government was moving into a new phase focused on what he described as “shared and widespread prosperity.”
“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,” the President said.
He said the government would pursue measures aimed at reducing production costs across key sectors, particularly agriculture, manufacturing and transportation.
Tinubu: Economic Reforms Were Necessary
The President defended the economic reforms introduced by his administration, arguing that Nigeria had postponed difficult decisions for too long, allowing structural problems in the economy to worsen.
According to Tinubu, the situation had become particularly critical by 2023, with rising poverty and declining public confidence.
Using the example of a cancer patient, the President said previous governments had largely treated the symptoms of Nigeria’s economic challenges instead of addressing their underlying causes.
He said his administration chose to confront those structural problems despite the difficult consequences Nigerians experienced during the reform process.
“Our reforms did not create the weaknesses in our economy. They confronted them,” Tinubu said.
The President also rejected calls to reverse the reforms and return to what he described as the “abuse of addictive subsidies.”
He urged Nigerians to remember the reasons the reforms were introduced and consider the economic changes recorded since then.
Government Targets Food and Transportation Costs
Tinubu said the next stage of his administration would focus on ensuring that improvements in economic indicators translate into better living conditions for ordinary Nigerians.
He identified agriculture, manufacturing and transportation as key areas where costs must be reduced.
The President said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and invest in storage and transportation.
He also said the government was building and completing roads, railways and ports to improve the movement of goods between farms, factories and markets.
Tinubu explained that reducing production and transportation costs should eventually help lower the prices consumers pay for goods.
He said cheaper food and other essential products would, however, not be enough to deliver prosperity without creating productive employment.
“Prosperity requires more than cheaper goods. It requires productive work,” he said.
Tinubu Announces Focus on Jobs and Industrial Growth
The President said job creation, enterprise and industrial development would remain central to the next phase of his administration.
He said Nigeria's growing youth population made it necessary to create more opportunities for young people to work, establish businesses and participate in the economy.
According to Tinubu, the government plans to use Nigeria's gas resources to support new industries, assist businesses seeking to revive factories, expand digital connectivity and develop skills required by employers.
He said he wanted to see more Nigerians producing goods locally and Nigerian businesses selling their products internationally.
“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,” he said.
Tinubu: “We Cannot Erase in Four Years What Accumulated Over Generations”
The President acknowledged that many Nigerians continue to struggle with the cost of food, school fees, medical expenses and transportation.
He said the problems facing households did not begin with his administration but had accumulated over several decades.
“We cannot erase in four years what accumulated over generations. But we can change its course,” Tinubu said.
He said the government would strengthen direct support for vulnerable households and improve the National Social Register to ensure that assistance reaches people who genuinely need it.
Government Highlights Student Loans and Consumer Credit
Tinubu also highlighted government programmes designed to provide financial support and access to opportunities.
He cited the Nigerian Education Loan Fund, saying it was helping students from low-income families access higher education despite financial difficulties.
The President also mentioned the Consumer Credit Corporation (CREDICORP), which he said was providing working Nigerians with access to credit for assets such as vehicles, solar systems and digital devices.
He described these initiatives as transitional support rather than permanent solutions to poverty.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.
Tinubu Highlights Economic Indicators
During the address, the President said Nigeria's economy had recorded growth of more than four per cent in 2026, with both the oil and non-oil sectors contributing to the expansion.
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 stated that Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion.
The President said these developments showed that the economic reforms were beginning to produce measurable changes, while acknowledging that many Nigerians were yet to feel sufficient relief in their daily lives.
President: Government Will Continue Economic Reforms
Tinubu said the Federal Government would continue working with state and local governments to improve primary healthcare, basic education and other essential public services.
He also said salaries and pensions had been paid “on time and in full” since 2023 and that reforms had been introduced in the national pension system.
The President maintained that the ultimate objective of the government's economic programme was not simply to manage poverty but to create conditions that allow Nigerians to achieve greater economic security.
“Our objective is not to manage poverty more efficiently. We will defeat it.”
The President's Independence Day message comes as Nigerians continue to deal with high living costs, making the government's plans to reduce production, transportation and food costs a major focus of the next phase of its economic programme.
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