Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, as the country marked its 66th anniversary.
The President said the government’s approach is to reduce the expenses involved in production, transportation and distribution, with the expectation that lower costs would eventually translate into more affordable prices for consumers.
He said the administration would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, strengthen agricultural mechanisation, and invest in storage and transportation infrastructure.
Tinubu also highlighted ongoing efforts to build and complete roads, railways and ports connecting farms and factories to markets, arguing that improved infrastructure would help reduce losses and the cost of moving goods around the country.
“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” the President said.
According to him, reducing production costs across different sectors would have a direct impact on prices. He cited improved agricultural production, reduced post-harvest losses, more reliable electricity for manufacturers and better transportation networks as areas that could help lower the final cost of goods.
The President also linked the cost-of-living challenge to employment and economic productivity, saying Nigeria must create an environment where more young people can find productive work and businesses can expand.
He said his administration would support industries through improved access to gas, finance and infrastructure, while also expanding digital connectivity and investing in skills needed by employers.
Tinubu said the government would continue strengthening social support for vulnerable Nigerians, including improving the National Social Register to ensure assistance reaches people who genuinely need it.
He also pointed to the Nigerian Education Loan Fund and consumer credit initiatives under CREDICORP as measures intended to help Nigerians access education and essential assets while managing financial pressures.
The President acknowledged that millions of Nigerian families continue to face difficulties meeting basic needs, including food, school fees, healthcare expenses and transportation costs.
He argued that addressing these challenges would require sustained economic growth, increased domestic production and greater opportunities for Nigerians to earn productive incomes.
Tinubu said the ultimate objective is to build an economy in which Nigerian farmers can produce more efficiently, manufacturers can operate at lower costs, businesses can access credit and families can afford essential goods and services.
The declaration places the reduction of living costs at the centre of the administration’s next phase of economic policy as Nigeria enters another year of its post-independence journey.
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