RismadarVoice Reporters
October 1, 2026
President Bola Ahmed Tinubu said Nigeria is moving from a period dominated by difficult economic reforms to a new phase focused on broader prosperity, jobs, industrial growth, and improved living standards.
In his Independence Day address marking Nigeria’s 66th anniversary, Tinubu defended major economic measures the administration undertook, including the removal of petrol subsidies and changes to the foreign exchange system.
The President said the reforms were introduced to confront longstanding weaknesses in the economy rather than postpone them, while acknowledging the hardship experienced by Nigerians during the adjustment period.
Tinubu said the government’s priority would now increasingly shift towards ensuring that improvements in economic indicators translate into tangible benefits for households and businesses.
He pointed to economic growth, foreign reserves, non-oil exports, oil production and developments in the foreign exchange market as areas where the administration believes progress has been recorded.
The President said the next stage of government policy would focus on what he described as shared and widespread prosperity, including creating jobs, supporting businesses, strengthening agriculture and expanding industrial production.
COST OF LIVING
Addressing the cost of living, Tinubu said the government would work to reduce the cost of producing and transporting goods consumed by Nigerians.
He identified agricultural mechanisation, irrigation, improved access to seeds and fertiliser, storage facilities and transportation infrastructure among measures expected to increase food production and reduce losses between farms and markets.
The administration also plans further investment in roads, railways and ports to improve the movement of agricultural and manufactured goods.
Tinubu said reducing production, electricity and transportation costs should ultimately contribute to lower prices for consumers.
JOBS AND INDUSTRIAL GROWTH
The President said jobs, enterprise and industrial development would occupy a central position in the government’s economic programme.
He said the administration intends to increase the use of Nigeria’s domestic gas resources to support industries, encourage the revival and expansion of factories, improve digital connectivity and provide skills required by employers.
The government has previously identified agriculture, energy, manufacturing, infrastructure and technology as important areas for economic expansion.
Tinubu said his objective was to see more goods produced within Nigeria, increased agricultural production and greater participation by Nigerian companies in international markets.
SUPPORT FOR VULNERABLE NIGERIANS
Tinubu also acknowledged that many households continue to face economic difficulties and said social intervention programmes would remain part of the government’s response.
He highlighted initiatives including the Nigerian Education Loan Fund and consumer-credit programmes, alongside efforts to improve assistance targeted at vulnerable households.
The President had similarly acknowledged in his June 2026 Democracy Day address that many Nigerians continued to experience economic hardship despite the government’s assessment that economic stability had improved.
NO RETURN TO FUEL SUBSIDY
Tinubu also defended the decision to remove the petrol subsidy and warned against reversing the policy.
He argued that returning to the previous subsidy system would undermine the economic restructuring undertaken since his administration assumed office in 2023.
The future of petrol subsidies has increasingly become part of political debate ahead of the 2027 general election, with different political actors advancing differing approaches to managing fuel costs and their impact on households.
Tinubu maintained that the reforms undertaken by his administration were intended to address structural economic problems and said the government would continue pursuing policies aimed at translating economic stability into improved living conditions.
The administration had earlier stated that its next economic priority would be ensuring that the benefits of reforms are more directly experienced in the daily lives of Nigerians.
The President called for continued national unity and said the government would focus on expanding opportunities, increasing production and improving economic conditions as Nigeria enters its 67th year of independence.
