Cutting cost of living now my administration’s priority, says Tinubu

President Bola Tinubu has declared lowering the cost of living as his administration's top priority, stating this during his Independence Day address on Thursday. Nigeria, marking its 66th anniversary, Tinubu highlighted that the past three years of his administration have been spent correcting the country's economic course and shifting focus to "shared and widespread prosperity."

He revealed that the government plans to reduce the cost of living by lowering the cost of producing and moving goods consumed by Nigerians. This will be achieved through expanding mechanised irrigation and dry-season farming, enhancing access to seeds and fertiliser, increasing mechanisation, and investing in storage and transportation.

Tinubu also addressed the underlying economic distortions that had grown due to postponed difficult decisions over the years, likening Nigeria to a sick patient suffering from cancer. He affirmed that his administration had treated the underlying causes of economic problems rather than just the symptoms, acknowledging that the reforms were difficult with real side effects.

Tinubu stressed that the reforms did not create the weaknesses in the economy but confronted them, adding that the government would resist calls to abandon these reforms.