President Tinubu Vows to Cut Cost of Living in Independence Day Speech

President Bola Tinubu, on Thursday, 1 October, said reducing the cost of living remains his administration’s central focus, adding that the government will pursue this goal by cutting the cost of producing and transporting goods and services. President Tinubu made these remarks during his Independence Day address to Nigerians, as the country marked its 66th anniversary.

President Tinubu opened by reflecting on Nigeria’s six-decade journey since independence, acknowledging that the path had “generally been too hard for too many.” He praised the resilience of ordinary Nigerians, including farmers, traders, teachers and entrepreneurs, alongside the Armed Forces and security services who risk their lives for the nation’s peace. He stressed that this collective faith in a better Nigeria represents the true inheritance of independence, carrying the promise that citizens would shape their own destiny with dignity and opportunity.

Turning to the economy, President Tinubu acknowledged that Nigeria’s situation by 2023 had grown dire, with rising poverty and fading hope. He compared the country’s condition to “a sick patient who receives the terrible news that he has cancer,” explaining that previous leaders had repeatedly chosen short-term relief over lasting treatment, stating: “For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.” He argued that his administration chose instead to confront these deep-rooted problems directly, insisting: “Our reforms did not create the weaknesses in our economy. They confronted them.” He urged Nigerians to resist calls from what he termed “regressive voices” pushing a return to subsidy dependence.

Highlighting progress made since 2023, President Tinubu pointed to economic growth exceeding 4 per cent this year, declining oil theft, substantially reduced inflation, rebuilt foreign reserves, a stabilised foreign exchange market, and record non-oil export revenue exceeding $6 billion in 2025. He maintained that these gains have been independently verified, stating: “These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change.” He added that foreign direct investment continues rising annually, reflecting growing private-sector confidence.

Declaring that Nigeria has reached a turning point, President Tinubu said the nation’s focus must now shift from economic correction to “shared and widespread prosperity.” He described this vision in deeply personal terms, envisioning a Nigeria where farmers can work safely and profitably, factories enjoy reliable power, businesses access credit, and families can afford food, transportation and education with confidence. He reiterated: “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.”

To achieve this, he outlined plans to expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, and invest heavily in storage, transportation, roads, railways and ports connecting farms and factories to markets. He explained the underlying logic simply: when production costs fall and logistics improve, those savings eventually reach consumers through lower prices.

President Tinubu also stressed that prosperity requires more than cheaper goods, it requires productive work. Citing Nigeria’s large youth population as a potential engine of growth, he pledged to prioritise jobs, enterprise and industrial development, including powering new industries with gas, reviving manufacturing hubs, expanding digital connectivity, and investing in skills training. He said: “I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories.”

Acknowledging that many Nigerian families continue struggling daily for basic needs, President Tinubu stressed that this hardship reflects decades of accumulated challenges rather than the consequence of recent reforms alone. He outlined government support measures aimed at easing this burden, including strengthening the National Social Register, expanding the Nigerian Education Loan Fund, and enabling consumer credit access through CREDICORP. He also highlighted continued investment in primary healthcare, basic education and timely payment of salaries and pensions since 2023, alongside pension reforms benefiting retirees.

He described these programmes as a bridge rather than a substitute for genuine prosperity, declaring firmly: “Our objective is not to manage poverty more efficiently. We will defeat it.” He acknowledged this would require time, discipline and sustained economic growth, but expressed confidence that Nigeria now approaches this task from a position of strength.

President Tinubu closed his address with a message of unity and hope, framing the nation’s reform period as complete and a new “age of prosperity” beginning. He declared: “Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back.” He urged Nigerians to move forward together with faith in themselves and their country, envisioning a future where opportunity reaches every citizen regardless of their circumstances at birth. He concluded his address: “Happy Independence Day, my fellow Nigerians. God bless you all, and God bless the Federal Republic of Nigeria.”

Do you think President Tinubu’s vision for shared prosperity can realistically translate into relief for struggling Nigerian households?