Nigeria @66: Tinubu admits economic hardship, pledges to defeat poverty - Punch Newspapers

President Bola Tinubu on Thursday acknowledged that many Nigerians are still struggling to afford necessities, including food, school fees, medical bills and transportation, but vowed that his administration would not settle for merely managing poverty. The President made the admission in his 66th Independence Day address to the nation, saying the hardship confronting many households predated his administration, but acknowledging the government’s responsibility to change the circumstances of vulnerable Nigerians. According to the president, who just returned to Nigeria on Wednesday after a working vacation to France, the hardship was the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutions that had failed to adequately serve those who needed them most. “I am also conscious that millions of our fellow citizens cannot wait for tomorrow. Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work. “Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most,” he said. The President, however, said the government could not reverse in four years, problems that had accumulated over several generations, but insisted that it could alter the trajectory of the country and progressively lift Nigerians out of poverty. “We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way,” he said. The President said this was why his administration was strengthening direct support for the poorest households and improving the National Social Register to ensure that assistance reached people who genuinely needed it. He also highlighted the Nigerian Education Loan Fund, saying it was helping children from low-income families pursue higher education despite their parents’ inability to afford the fees. Tinubu further cited the Consumer Credit Corporation, CREDICORP, as part of the government’s efforts to enable working Nigerians to acquire essential assets, including vehicles, solar systems and digital devices, without having to save for years before making such purchases. He said the government would also continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services on which poorer Nigerians depend.See more Punch stories on Google.Add Punch on Google According to him, the administration had also paid salaries and pensions on time and in full since 2023 and reformed the national pension programme to benefit retirees and vulnerable Nigerians. But Tinubu stressed that such interventions were not intended to become a permanent substitute for economic prosperity. “These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently. We will defeat it,” he declared. The President said achieving that objective would take time, discipline, sustained economic growth and the creation of millions of productive opportunities across the country. “It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country,” he said. He said the government’s next priority was therefore to ensure that the economic reforms undertaken over the past three years translated into tangible improvements in the lives of ordinary Nigerians. Tinubu said prosperity, in his administration’s new phase, would not be measured merely by the size of the economy or macroeconomic statistics but by whether Nigerians could afford basic necessities and find productive opportunities. Everton celebrate Nigeria@66 with Amokachi, Aiyegbeni, Yobo, other stars [FULL TEXT] Nigeria @66: Tinubu declares ‘age of prosperity’ after three years of reforms Nigeria @66: NLC demands new minimum wage, lower petrol prices “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. I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour. “A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work. A Nigeria in which food and transportation are affordable, education is within reach, and hard-working families can look towards the future with confidence”, he stated. The President said lowering the cost of living would therefore be at the centre of the government’s next phase, with efforts focused on reducing the cost of producing and transporting goods. “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. He also identified increased agricultural production, mechanised irrigation, better access to seeds and fertiliser, improved storage and transportation infrastructure as part of the measures being pursued to reduce food costs. He said the government was also building and completing roads, railways and ports to connect farms and factories to markets. “Our logic is simple. 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,” he said. The President also linked poverty reduction to job creation, particularly among Nigeria’s rapidly growing youth population. “Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition. Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair,” he said. He said the government would use gas to power new industries, support businesses seeking to revive 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,” Tinubu said. The President’s remarks come against the backdrop of his administration’s repeated argument that its economic reforms were necessary to correct structural weaknesses and create the foundation for sustained growth. In his May 2026 third-anniversary address, Tinubu acknowledged that the reforms had placed “enormous pressure” on families, workers and businesses, while maintaining that the economy had stabilised. In July, the Federal Government also acknowledged that macroeconomic improvements would need to translate into household-level benefits, saying the next phase was to convert economic stability into better livelihoods. Tinubu’s Independence Day address therefore placed renewed emphasis on the gap between economic recovery at the macro level and the lived experience of households, with the President acknowledging that many Nigerians remained unable to wait for the promised long-term benefits of reform. He said the ultimate measure of the government’s success would be an economy capable of steadily lifting people out of poverty and creating opportunities for Nigerians across different social groups. “I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home,” he said. Tinubu ended by urging Nigerians to remain committed to the country’s future, saying the sacrifices made during the reform period should eventually yield tangible rewards. “The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people,” he said. Rotimi Agbana Rotimi, with over 12 years of quality media experience, reports entertainment and politics

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