Nigeria @66: Tinubu pledges cheaper food, transport in new economic phase

President Bola Ahmed Tinubu has made reducing the cost of living the central promise of his administration’s next economic phase, saying the government will tackle the expenses that push up the prices of food, transport and other essentials.

In his address marking Nigeria’s 66th Independence anniversary on Thursday, the President said improved economic figures must now translate into relief that families can feel.

“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,” he said.

The President said the government was expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, and investing in storage and transportation.

He also pointed to roads, railways and ports intended to connect farms and factories to markets.

“When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster … all those savings will ultimately find their way into the price of goods in the market,” he said.

The President acknowledged the distance between economic recovery and the daily experience of many Nigerians.

He said his idea of prosperity was a country where farmers could earn a decent return, factories had reliable power, young people found work and food and transport were affordable.

“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal,” he said.

He described the country as having reached a turning point after three years of difficult reforms.

“The emergency treatment is over. The foundation has been repaired,” the President said. “Now, our purpose is simple: shared and widespread prosperity.”