President Bola Ahmed Tinubu has said reducing the cost of living will remain a major priority of his administration as the government moves into what he described as a new phase of economic reforms.
The President made the declaration during his Independence Day address on Thursday as Nigeria marked 66 years of independence.
According to Tinubu, the government’s next phase will focus on making it cheaper to produce and transport goods, with the aim of eventually reducing the prices paid by consumers.
He identified agriculture, transportation, storage and production as key areas requiring further intervention.
The President said the government plans to expand mechanised irrigation and dry-season farming, improve access to seeds and fertilisers and increase agricultural mechanisation.
He also pointed to investment in storage and transportation infrastructure as part of efforts to reduce losses and lower the cost of moving food and other goods across the country.
The statement comes at a time when the high cost of food, transportation and other essential goods remains a major concern for households.
While the administration has highlighted economic growth and reforms undertaken over the past three years, opposition figures have continued to question how much of the reported economic progress is being felt by ordinary Nigerians.
The Federal Government has maintained that its reforms are intended to establish a stronger economic foundation and create conditions for broader growth.
