Tinubu Unveils Fresh Measures to Cut Cost of Living, Create Jobs
President Bola Ahmed Tinubu has announced plans to intensify government efforts to reduce the cost of living, expand employment opportunities and strengthen social protection for vulnerable Nigerians.
The President made the commitment in his Independence Day address to the nation on Thursday, saying the next phase of his administration’s economic programme would focus on ensuring that economic growth translates into tangible improvements in household incomes and living conditions.
Tinubu said lowering the cost of producing and transporting goods would be central to the government’s strategy for reducing prices.
He said the Federal Government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and invest in storage and transportation.
He added that ongoing road, rail and port projects were designed to connect farms and factories more efficiently to markets and reduce logistics costs.
According to the President, the government would also place jobs, enterprise and industrial development at the centre of its policies as millions of young Nigerians enter the labour market every year.
He said Nigeria’s gas resources would be deployed to power industries, while the government would support businesses seeking to revive factories and expand digital connectivity to underserved communities.
Tinubu also outlined measures targeted at Nigerians facing immediate economic hardship.
He said the government was strengthening direct support for poor households and improving the National Social Register to ensure that assistance reaches people who genuinely need it.
The President further cited the Nigerian Education Loan Fund (NELFUND) as part of the administration’s efforts to ensure that financial constraints do not prevent qualified Nigerians from accessing higher education.
He said the Credit Corporation (CREDICORP) was also providing access to consumer credit to enable working Nigerians acquire essential assets, including vehicles, solar systems and digital devices, without having to save for years before making such purchases.
Tinubu said the Federal Government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
He also stated that salaries and pensions had been paid on time and in full since 2023, while the national pension system had been reformed to provide greater support for retirees and vulnerable citizens.
The President, however, acknowledged that millions of Nigerians remained under financial pressure, including families struggling to meet the cost of food, education, healthcare and transportation.
He said the government could not reverse decades of accumulated poverty within four years but could alter the country’s economic trajectory.
“Our objective is not to manage poverty more efficiently. We will defeat it,” Tinubu said.
The President said achieving that goal would require sustained economic growth, discipline and the creation of millions of productive opportunities across the country.
His latest emphasis on cheaper transportation is also consistent with the Federal Government’s recently announced National Affordable CNG Transit Programme, which targets measurable reductions in transportation costs from October 2026.
