President Bola Tinubu has announced that his administration is implementing strategic measures aimed at alleviating the rising cost of living for citizens.
During the 64th Independence Anniversary address, he emphasized the government’s commitment to addressing economic challenges and ensuring that essential goods and services remain affordable for all Nigerians.
The President outlined various initiatives, including potential subsidies, support for local production, and policies designed to stabilize prices in key sectors. He expressed confidence that these efforts will lead to a more sustainable economic environment, ultimately improving the quality of life for the populace.
He said, “The central concern of our people today is the high cost of living, especially food costs. This concern is shared by many around the globe as prices and the cost of living continue to rise worldwide.”
“My fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home,” said the President. He commended the governors of Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest governors that had embraced the agricultural production programme of his administration.
“I urge other states to join the Federal Government in investing in mechanised farming. We are playing our part by supplying fertiliser and making tractors and other farm equipment available. Last week, the Federal Executive Council approved establishing a local assembly plant for 2,000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment. The plant has a completion time of six months,” he said.
He added that the energy transition programme being implemented by his government was on course. “We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.”
“Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion,” he said.
Tinubu concluded by reiterating his administration's dedication to improving the economic landscape, emphasizing that collective efforts will lead to a better future for all Nigerians. He expressed hope that these initiatives will not only alleviate current hardships but also lay the foundation for sustainable growth and development in the long term.