President Bola Tinubu has declared that the Federal Government is shifting its economic focus from stabilising the economy to delivering shared and widespread prosperity, with reducing the cost of living as its immediate priority.

Tinubu made this known in his Independence Day address to Nigerians on Thursday, marking the country’s 66th anniversary. He said the next phase of his administration would focus on ensuring that economic gains translate into improved living conditions for citizens.

“Our priority is to bring down the cost of living,” the President said, explaining that the government would seek to achieve this by reducing the cost of producing and transporting goods.

He identified mechanised farming, irrigation, improved access to seeds and fertilisers, storage facilities and transport infrastructure as areas requiring greater investment to reduce food prices.

Tinubu also pledged to expand industrial production, increase the use of natural gas to power industries, improve digital connectivity and provide businesses with infrastructure and financing to support job creation.

He said the government would continue to strengthen social protection measures, including improving the National Social Register to better identify and support vulnerable households.

The President acknowledged that many Nigerians were still struggling with the cost of food, school fees, healthcare and transportation, but attributed the difficulties to decades of low productivity, inadequate infrastructure and limited economic opportunities.

He defended the economic reforms introduced since he assumed office in 2023, including the removal of petrol subsidy and changes to the foreign exchange system, saying they were necessary to address longstanding structural weaknesses.

According to Tinubu, the economy grew by more than four per cent in 2026, while inflation had declined from its peak, foreign reserves had been rebuilt and oil theft had reduced.

He also said Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the highest in the country’s history.

Tinubu said the government would not reverse the reforms in response to calls for a return to fuel subsidies, arguing that such a move would undermine the progress made in correcting the economy.

He said the government’s objective was not merely to manage poverty but to eliminate it through sustained economic growth and the creation of productive opportunities.

The President also highlighted government programmes supporting students, vulnerable households, primary healthcare, basic education, salaries and pensions as part of efforts to cushion economic pressures.

He urged Nigerians to remain committed to the country’s economic direction, saying the reforms had laid the foundation for a new phase focused on improving prosperity and living standards.

“The age of reform has done its work. Now begins the age of prosperity,” Tinubu said.