Nigerian President Bola Tinubu has defended his economic reforms and promised to reduce the cost of living, create jobs, and tackle poverty as the country prepares for the presidential election on January 16. In a televised address marking Nigeria's 66th Independence anniversary, Tinubu said his administration's priority is to make life easier for Nigerians. He claimed the situation in the country was more dire when he took office in 2023.
Since taking office, Tinubu has implemented several reforms, including the removal of a costly fuel subsidy and the floatation of the naira. These reforms have been deemed necessary by economists to revive Nigeria's economy but have also led to a significant increase in the cost of living and poverty. The inflation rate stood at 15.39% in August, down from over 30% in 2024.
According to the International Monetary Fund (IMF), the poverty rate in Nigeria reached 63% of the population by the end of 2025, with over 27 million people suffering from food insecurity. Tinubu has promised to tackle poverty, saying his goal is not to manage it more effectively but to eradicate it. He also pledged to prioritize job creation, entrepreneurship, and industrial growth.
The Nigerian economy has shown some signs of growth, with a 4% growth rate this year. Tinubu attributed this growth to his administration's reforms, saying they have helped combat the country's economic weaknesses. The president's speech was seen as a campaign message, as he seeks a second term in office.
The upcoming presidential election will see Tinubu face off against his main rivals from the 2023 election, Atiku Abubakar and Peter Obi. The election is scheduled to take place on January 16. Tinubu's administration has been criticized for its handling of the economy, but the president remains confident in his policies.
Tinubu's government has also been working to improve the business environment and attract investment. The president's pledge to reduce the cost of living and create jobs is seen as a key challenge for his administration. The country's economic growth and poverty reduction efforts will be closely watched in the coming months.
The president's speech was broadcast live on television and radio, and was seen as an opportunity for him to connect with Nigerians and outline his vision for the country's future. Tinubu's administration has been working to improve infrastructure and promote economic growth.
Key points
- President Bola Tinubu has defended his economic reforms and pledged to reduce the cost of living in Nigeria.
- The country's poverty rate has reached 63% of the population, with over 27 million people suffering from food insecurity.
- Tinubu will face off against his main rivals, Atiku Abubakar and Peter Obi, in the presidential election on January 16.
