President Bola Tinubu has said bringing down the cost of living is the priority of his administration.
Mr Tinubu stated this in his Independence Day broadcast on Thursday to mark Nigeria’s 66th anniversary.
“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,” Mr Tinubu said.
The president said Nigeria has the land and people to feed itself, and his government is focused on expanding agricultural production.
“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,” he said.
He explained the logic behind the government’s economic strategy, saying cost savings in production and logistics will reflect in market prices.
“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,” he added.
He said prosperity requires productive work, noting that Nigeria’s youthful population must become an engine of production.
“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,” he said.
Mr Tinubu said his administration will use gas to power new industries, support revival of factories and expand digital connectivity.
“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,” he said.
The president said his government is strengthening support for the poorest households through an improved National Social Register and other social intervention programmes.
“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.”
He listed the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP) as key interventions to support low-income families and workers.
“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.
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“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,” he said.
Mr Tinubu said the programmes are a bridge to prosperity, not a substitute for it.
“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,” Mr Tinubu said.
