Tinubu Promises Nigerians Lower Cost of Living

President Bola Tinubu has promised Nigerians that his administration will take steps to reduce the cost of living by cutting the cost of producing and transporting essential goods.

Tinubu made the pledge on Thursday during his nationwide broadcast to mark Nigeria’s 66th Independence Day anniversary.

The President said Nigeria has enough land and people to feed itself, adding that his administration is expanding mechanised irrigation and dry-season farming to boost food production.

He also promised to improve farmers’ access to seeds and fertiliser, expand mechanisation and invest in storage facilities and transportation to reduce losses and costs along the food supply chain.

Tinubu said the government is also building and completing roads, railways and ports to improve connections between farms, factories and markets.

“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.

He explained that cheaper farm production, fewer losses between farms and markets, lower electricity costs for manufacturers and faster movement of goods would eventually reduce the prices paid by consumers.

“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, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” Tinubu said.

The President, however, said lower prices alone would not be enough to deliver prosperity, stressing the need for productive work and stronger economic activity.

“But prosperity requires more than cheaper goods. It requires productive work,” he said.