President Bola Tinubu has acknowledged that millions of Nigerians are still struggling to afford basic necessities, including food, school fees, healthcare and transportation, saying his administration is determined to move beyond managing poverty.
Tinubu made the remarks in his 66th Independence Day address to Nigerians on Thursday, October 1, 2026, where he outlined the next phase of his administration’s economic programme.
The President said the difficulties facing many households did not begin with his administration’s economic reforms but resulted from years of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses.
He, however, acknowledged that his government had a responsibility to improve the situation and ensure that vulnerable Nigerians benefit from economic growth.
Tinubu said his administration could not reverse in four years problems that had accumulated over several generations, but could change the country’s economic direction and gradually lift more Nigerians out of poverty.
He said the government was strengthening social protection programmes and improving the National Social Register to ensure that assistance reaches Nigerians who need it most.
The President also pointed to the Nigerian Education Loan Fund as part of the measures helping students from low-income families access higher education.
He cited the Consumer Credit Corporation, CREDICORP, as another initiative designed to help working Nigerians acquire essential assets such as vehicles, solar equipment and digital devices through credit.
According to Tinubu, the Federal Government will also continue working with state and local governments to improve primary healthcare, basic education and other essential services that directly affect low-income households.
He further said his administration had maintained the payment of salaries and pensions while implementing reforms to the national pension system.
‘We will defeat poverty’
Tinubu stressed that government interventions should serve as a bridge to prosperity rather than become permanent substitutes for economic growth.
“Our objective is not to manage poverty more efficiently. We will defeat it,” the President said.
He acknowledged that achieving the goal would require sustained economic growth, discipline and the creation of millions of productive opportunities.
The President said his administration had now moved from the difficult phase of economic reforms towards an agenda focused on translating economic stability into improved living standards. Other reports on the address similarly identified lower living costs, job creation and industrial expansion as major priorities for the next phase.
Tinubu targets cost of living
The President said reducing the cost of living would be central to the government’s next phase.
He said the administration would focus on lowering the cost of producing and transporting goods, arguing that cheaper production and logistics would eventually reduce prices for consumers.
Tinubu identified increased agricultural production, mechanised farming, improved irrigation, better access to seeds and fertiliser, storage facilities and transportation infrastructure as measures aimed at reducing food costs.
He also said the government was investing in roads, railways and ports to improve connections between farms, factories and markets.
According to him, reducing production costs for farmers and manufacturers, cutting post-harvest losses and improving transportation would help businesses pass savings down to consumers.
“Lowering the cost of living” was also identified by the President as a key priority in his Independence Day message.
President links poverty reduction to jobs
Tinubu also linked poverty reduction to employment, particularly for Nigeria’s growing youth population.
He said millions of young Nigerians enter adulthood every year with talent and ambition, and that the government must create opportunities for them to participate productively in the economy.
To achieve this, he said the administration would use gas to support new industries, assist businesses seeking to restart factories, expand digital connectivity and invest in skills demanded by employers.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies,” he said.
The administration has previously said its economic reforms were designed to address structural weaknesses and create the conditions for long-term growth. In his May 2026 third-anniversary address, Tinubu acknowledged that the reforms had placed significant pressure on households, workers and businesses while arguing that the economy had stabilised.
From reforms to prosperity
The President’s latest address places greater emphasis on ensuring that improvements in macroeconomic conditions translate into benefits for ordinary Nigerians.
In earlier remarks, the administration had similarly acknowledged that economic stability needed to translate into better living conditions and wider opportunities.
Tinubu said prosperity should not be judged solely by economic growth figures but by whether Nigerians can afford basic necessities, access education and healthcare, find productive employment and earn better incomes.
He said he wanted to see more Nigerians engaged in manufacturing, more farms supplying cities and factories, more Nigerian businesses exporting locally produced goods and more young people creating technology companies and jobs.
The President urged Nigerians to remain committed to the country’s future, saying the sacrifices made during the reform period should eventually produce tangible improvements in people’s lives.
He described the Nigeria he wants to build as one where prosperity is broadly shared and children can pursue opportunities beyond the circumstances into which they were born.
