President Bola Ahmed Tinubu has declared that reducing the cost of living is now the top priority of his administration, saying the government will focus on lowering the cost of producing and transporting goods consumed by Nigerians.
Tinubu made the declaration on Thursday, October 1, 2026, during his Independence Day address to the nation as Nigeria marked its 66th anniversary. The address was delivered under the theme “From Reform to Prosperity.”
The President said the next phase of his administration’s economic agenda would focus on ensuring that the reforms implemented since 2023 translate into improved living conditions for Nigerians.
“Our priority is to bring down the cost of living,” Tinubu said, explaining that the government would pursue this by reducing the cost of producing and moving goods across the country.
According to the President, agriculture will be central to the strategy. He said the government plans to expand mechanised irrigation and dry-season farming while improving farmers’ access to seeds and fertiliser.
Tinubu also highlighted plans to increase agricultural mechanisation and invest in storage and transportation infrastructure. The objective, he said, is to increase food production, reduce losses between farms and markets and ultimately bring down prices for consumers.
Beyond agriculture, the President said investments in roads, railways and ports would help connect farms, factories and businesses to markets more efficiently.
He also linked lower production costs to improvements in the business environment, saying manufacturers and other businesses need more reliable infrastructure and reduced operating costs to increase productivity.
The President acknowledged that millions of Nigerians are still struggling with food, education, healthcare and transportation expenses.
He said the difficulties facing many households accumulated over several decades and could not be completely reversed within four years. However, he maintained that his administration had changed the direction of the economy and was now moving from what he described as an era of difficult reforms towards broader prosperity.
Tinubu also pointed to government programmes aimed at supporting vulnerable Nigerians, including direct assistance to poorer households and the Nigerian Education Loan Fund, which provides financing for eligible students.
Transportation is another major area of focus. The administration has been promoting compressed natural gas-powered transport as part of efforts to reduce commuting costs. The President previously directed states to scale up the National Affordable CNG Transit Programme, with the goal of delivering lower transport fares to more Nigerians.
For many Nigerians, the key test will be whether these measures translate into lower food, transport and household expenses.
The President said the government would continue implementing policies aimed at creating jobs, supporting businesses, increasing production and improving access to essential services as it begins what he described as the next phase of Nigeria’s economic journey.