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

President Bola Tinubu has declared that reducing the cost of living is now the top priority for his administration, stating that the government will focus on lowering production and transportation costs to make life more affordable for Nigerians. In his Independence Day address, Tinubu explained that his administration had spent the past three years correcting the country's economic course and had shifted its focus to "shared and widespread prosperity".

To achieve this, the government plans to expand mechanized irrigation and dry-season farming, improve access to seeds and fertilizers, increase mechanization, and invest in storage and transportation. Tinubu emphasized that the government's approach would address the root causes of economic issues, rather than merely treating symptoms, by comparing Nigeria's situation to a "sick patient" who required "difficult treatment to recover" rather than just "taking medication to dull the pain".

The reforms have already yielded positive results, with the economy growing by more than four percent in 2026, oil and non-oil sectors contributing to stable growth, oil theft falling, inflation declining substantially, foreign reserves being rebuilt, and foreign exchange markets stabilizing. Nigeria also recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion.

Tinubu outlined the next phase of his administration's focus on ensuring that economic improvements translate into better living conditions for Nigerians by reducing the cost of production across agriculture, manufacturing, and transportation. He stressed that prosperity requires productive employment in addition to cheaper goods, and his administration aims to create more jobs, support businesses, expand digital connectivity, invest in essential skills, and foster a business environment that encourages fair competition.