Independence Day: Tinubu Unveils Plan to Cut Living Costs, Expand Jobs

President Bola Ahmed Tinubu

Independence Day: Tinubu Unveils Plan to Cut Living Costs, Expand Jobs

President Bola Ahmed Tinubu has declared that reducing the cost of living, creating productive jobs and expanding industrial growth will be the focus of the next phase of his administration, as Nigeria moves from economic reforms to what he described as an “age of prosperity.”

Tinubu made the declaration in his Independence Day address on Thursday, October 1, 2026, as Nigeria marked its 66th anniversary.

The President said his administration had spent the past three years correcting what he described as deep-rooted economic distortions and was now shifting its attention towards ensuring that the benefits of economic growth reach more Nigerians.

“Our priority is to bring down the cost of living,” Tinubu said, explaining that the government would pursue the goal by reducing the cost of producing and transporting goods consumed by Nigerians.

He said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertilisers, increase agricultural mechanisation and invest in storage and transportation.

Tinubu also linked lower consumer prices to improved infrastructure, saying the government was building and completing roads, railways and ports to connect farms and factories with markets.

He said reducing post-harvest losses, lowering manufacturers’ energy costs and improving the movement of goods would help bring down prices.

Tinubu targets millions of productive jobs

The President said job creation, enterprise and industrial development would be at the centre of the next phase of his economic programme.

He noted that millions of young Nigerians enter adulthood every year and said the government must turn the country’s youthful population into an engine of production and opportunity.

Tinubu pledged to use Nigeria’s natural gas resources to power industries, support the revival of factories, expand digital connectivity and provide young Nigerians with skills required by employers.

He also promised greater support for Nigerian businesses through infrastructure and access to finance.

“I want to see more Nigerians making things,” the President said, adding that he wanted Nigerian farms to supply domestic factories and Nigerian businesses to sell more goods internationally.

CNG expansion to reduce transport costs

The President also pointed to the expansion of Compressed Natural Gas (CNG) as part of the government’s strategy to reduce transportation costs following the removal of petrol subsidy.

He said more than 120,000 vehicles had been converted to CNG, with more than 400 certified conversion centres and over 90 CNG refuelling stations now operating across the country.

The government has also targeted lower fares on selected routes through the National Affordable CNG Transit Programme.

The Presidency said CNG and electric public transport services in parts of Borno were already carrying passengers for between N50 and N100, compared with commercial fares of about N300 to N600 on some routes. It also cited cheaper fares on the Suleja-Abuja route and subsidised electric-bus services in Abia.

However, concerns remain about the ability of CNG infrastructure and vehicle deployment to deliver nationwide reductions in transport costs.

Social protection for vulnerable Nigerians

Tinubu acknowledged that many Nigerians still face difficulties meeting basic needs, including food, education, healthcare and transportation costs.

He said the government would strengthen social protection programmes and improve the National Social Register to ensure assistance reaches vulnerable households.

The President also highlighted the Nigerian Education Loan Fund (NELFUND), which provides financing for students, and CREDICORP, which offers consumer credit for eligible Nigerians seeking to acquire assets such as vehicles, solar systems and digital devices.

He said the government would continue working with state and local governments to strengthen primary healthcare, basic education and essential public services.

Tinubu defends economic reforms

The President maintained that the economic reforms introduced since 2023 were necessary to address longstanding weaknesses rather than the cause of Nigeria’s economic difficulties.

He said Nigeria’s economy had grown by more than 4 per cent in 2026, while inflation had fallen from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.

Tinubu also said oil theft had declined and that Nigeria generated more than $6 billion in non-oil export revenue in 2025, which he described as the highest in the country’s history.

The President acknowledged, however, that the reforms had brought significant hardship to many households.

He said the government could not immediately erase problems that had accumulated over decades but could change the country’s economic direction by sustaining growth and creating millions of productive opportunities.

“The age of reform has done its work. Now begins the age of prosperity,” Tinubu declared.

The speech comes amid continuing concerns over food prices, transportation costs, unemployment, insecurity and household purchasing power.

While the government says its reforms have stabilised the economy and created the foundation for growth, concerns remain about poverty, governance and the pace at which economic improvements are reaching ordinary Nigerians.

Tinubu’s new economic agenda therefore places lower living costs, job creation, industrialisation, agricultural productivity and social protection at the centre of the next phase of his administration.