President Bola Tinubu has acknowledged the economic hardship confronting millions of Nigerians, saying his administration is determined to build an economy that will steadily lift citizens out of poverty.
The President stated this in his Independence Day address to Nigerians on Thursday to mark the country’s 66th anniversary.
The President said many families were still struggling to afford basic needs, including food, school fees, medical bills and transportation.
“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,” he said.
Tinubu, however, said the difficulties confronting Nigerians did not begin with the economic reforms introduced by his administration, but were the accumulated result of decades of low productivity, inadequate infrastructure and insufficient opportunities.
He said, “We cannot erase in four years what accumulated over generations. But we can change its course.”
According to him, the government is working to build an economy that can lift people out of poverty while providing support for those who remain vulnerable.
Tinubu said his administration was strengthening direct assistance to the poorest households and improving the National Social Register to ensure that government support reaches those who genuinely need 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.
The President cited the consumer credit scheme operated by CREDICORP as another measure aimed at helping working Nigerians acquire essential assets, including vehicles, solar systems and digital devices.
He said the government would also continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
Tinubu acknowledged that defeating poverty would not happen immediately, saying it would require sustained economic growth, discipline and the creation of millions of productive opportunities.
“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.
The President, however, declared that poverty reduction remained a central objective of his administration.
“Our objective is not to manage poverty more efficiently. We will defeat it,” Tinubu said.
He also said the government had moved beyond the period of economic reforms and was now entering what he described as “the age of prosperity”.
“The age of reform has done its work. Now begins the age of prosperity. An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life,” he said.
Tinubu said the next phase of his administration would focus on reducing the cost of living, creating jobs, expanding industrial production and ensuring that the country’s economic growth translates into improved living conditions for Nigerians.
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