Tinubu promises focus on living costs as Nigeria moves beyond reform phase
In his 66th Independence Day speech, President Bola Tinubu said Nigeria had completed the emergency phase of its economic reforms and would now pursue “shared and widespread prosperity”. He said the next priority was reducing living costs through lower production and transport expenses, alongside better jobs and services.
President Bola Tinubu has said Nigeria is moving beyond the emergency phase of its economic reforms and will now concentrate on delivering broader prosperity to its citizens. Tinubu made the pledge in a nationwide address on Thursday marking the country’s 66th Independence Day. He said the administration had spent its first three years trying to correct economic distortions and establish a stronger foundation.
“The emergency treatment is over. The foundation has been repaired,” he said. Tinubu acknowledged that the reforms had brought difficult side effects, but maintained that they had addressed problems that predated his administration.
The President said Nigeria’s economy had grown by more than 4 per cent this year, with oil and non-oil sectors contributing to renewed growth. He also cited lower oil theft, a substantial fall in inflation from its peak, rebuilt foreign reserves and a more stable foreign-exchange market. Tinubu said the country generated more than $6bn in non-oil export revenue in 2025, describing the figure as a historic high.
He added that international observers and multilateral institutions had seen improvements in Nigeria’s economic stability and resilience, while foreign direct investment was rising. The next phase, he said, would be defined by “shared and widespread prosperity”. He said this meant more than improved economic statistics: farmers should be able to cultivate land safely, produce at lower cost and earn a decent return, while factories should have reliable power and businesses should have access to credit.
The President also identified productive employment for young people, affordable food and transport, and access to education as part of the prosperity he wants to deliver. He said the government’s immediate priority was to reduce the cost of living by lowering the cost of producing and transporting goods. Tinubu linked those objectives to the promise of independence, saying Nigeria’s freedom carried an obligation to provide opportunity, dignity and a better life.
He called on citizens to retain faith in the country as it enters what he described as a new phase.
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