NIGERIA: Nigeria’s President, Bola Ahmed Tinubu, outlined plans to lower living costs and expand employment in his Independence Day address released on October 1, 2026, while defending his administration’s economic reforms.
Okay News reports that the address marking Nigeria’s 66th independence anniversary combined policy commitments with Tinubu’s account of economic performance and existing support programmes. These are eight key points from the speech.
1. A Focus on Household Living Standards
Tinubu said the government’s economic priority had moved from correcting underlying weaknesses to spreading the benefits of growth. He said: “Now, our purpose is simple: shared and widespread prosperity.”
He described that goal through everyday conditions: farmers working safely and earning a return, factories receiving reliable power, businesses obtaining credit and families affording food, transport and education. He presented those conditions as the objective for the next phase of policy.
2. A Defence of the Reforms
The president acknowledged that the reforms had been difficult and had real side effects. He argued that the policies addressed economic weaknesses that predated his administration and urged Nigerians to reject calls for a return to subsidies.
He compared the reforms to treatment for a serious illness and said the emergency stage was over.
3. Claims of Growth and Higher Non-Oil Exports
Tinubu said Nigeria’s economy had grown by more than 4% in 2026, with contributions from both oil and non-oil activity. He also said non-oil export revenue exceeded $6 billion in 2025, which he described as the country’s highest annual total.
He cited lower oil theft, reduced inflation from its peak, stronger foreign reserves and a more stable foreign exchange market. The address did not specify a quarter for the growth figure or give a current inflation rate.
4. Lower Prices Through Cheaper Production
Tinubu said: “Our priority is to bring down the cost of living.” His proposed route was to reduce the expense of producing goods and transporting them to consumers.
He linked lower prices to cheaper farm production, reduced crop losses, lower electricity costs for manufacturers, faster freight movement and fair competition. Tinubu said savings from those changes would reach market prices. The address did not set a target reduction in food or transport prices, or a date by which households should expect it.
5. More Irrigation, Farm Equipment and Storage
The agricultural priorities included expanded irrigation and dry-season farming, improved access to seeds and fertiliser, and greater use of machinery. Tinubu also said the government was investing in storage and transport.
He connected those plans to roads, railways and ports linking farms and factories with markets. The commitments covered production and the movement of goods after harvest, when losses and transport expenses can add to costs.
6. Gas, Factories and Digital Skills for Jobs
Tinubu said the government would use Nigeria’s gas to power new industries and support businesses seeking to revive factories in industrial centres. He also promised wider digital connectivity and investment in skills demanded by employers.
He said businesses would receive support through infrastructure and finance, and called for more Nigerian-made goods to supply domestic and overseas markets.
7. Continued Support Through Existing Programmes
Tinubu acknowledged that some families were struggling to pay for food, school, healthcare and travel to work. He said the government was strengthening direct support for the poorest households and improving the National Social Register to help assistance reach those who needed it.
He cited the Nigerian Education Loan Fund as support for higher education and the Nigerian Consumer Credit Corporation, known as CREDICORP, as a source of credit for working Nigerians to obtain assets such as vehicles, solar systems and digital devices.
8. Public Services, With Delivery Details Still Unspecified
The president said the federal government would continue working with state and local governments to strengthen primary healthcare, basic education and other services used by poorer Nigerians. He also said salaries and pensions had been paid on time and in full since 2023, and that pension reforms were intended to benefit retirees and vulnerable people.
Tinubu said reducing poverty would require sustained growth and productive opportunities over time. The address did not attach funding totals or implementation dates to the public-service commitments.
