President Bola Ahmed Tinubu has acknowledged that Nigeria’s poverty and economic difficulties cannot be eliminated within four years, saying the challenges accumulated over several generations.

Tinubu made the statement on Thursday in his Independence Day address to Nigerians as the country marked its 66th anniversary.

The President said millions of Nigerians still struggle with basic needs, including food, school fees, medical bills and transportation.

SEE MORE: ‘I Want More Nigerians Making Things, Selling Nigerian Goods Globally’ – Tinubu

According to him, their difficulties did not begin with the economic reforms introduced by his administration but were the result of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutions that had failed many citizens.

“We cannot erase in four years what accumulated over generations. But we can change its course,” Tinubu said.

He said his administration would focus on building an economy capable of steadily lifting people out of poverty while ensuring vulnerable Nigerians receive support.

Tinubu highlighted measures including stronger direct support for poor households, improvements to the National Social Register and the Nigerian Education Loan Fund.

He also pointed to consumer credit through CREDICORP and continued investment in primary healthcare, basic education and other essential public services.

The President said defeating poverty would require time, discipline, sustained economic growth and the creation of millions of productive opportunities across the country.

“We will defeat it,” he said, while urging Nigerians to look ahead as his administration moves from what he described as the “age of reform” into an “age of prosperity.”

President Bola Ahmed Tinubu has called for a stronger production-driven Nigerian economy, saying he wants more Nigerians making goods locally and Nigerian businesses selling their products to markets around the world.

Tinubu stated this in his Independence Day address to Nigerians on Thursday, as the country marked its 66th anniversary.

According to the President, Nigeria’s young population must become an engine of production rather than a source of despair, with jobs, enterprise and industrial growth placed at the centre of government policies.

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“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,” Tinubu said.

He also expressed his desire to see young Nigerians building technology companies capable of becoming global “unicorns” while creating opportunities for others within the country.

Tinubu said his administration would use Nigeria’s gas resources to power new industries, support businesses working to revive factories and expand digital connectivity to communities that have been left behind.

He added that government would invest in skills demanded by employers while providing Nigerian businesses with infrastructure and financing needed to expand.

The President said the focus of the next phase of his administration would be on creating widespread prosperity, lowering production and transportation costs and expanding productive opportunities for Nigerians.

He said increased local production, improved infrastructure and a stronger business environment would help reduce the cost of goods and create a more productive economy.

Tinubu urged Nigerians to look beyond the country’s economic difficulties and work towards building an economy capable of producing for both domestic and international markets.

The National Secretary of the Joint National Public Service Negotiating Council (JNPSNC), Gbenga Olowoyo, has said Nigerian workers are not demanding the restoration of fuel subsidy but are seeking government intervention to cushion the impact of rising petrol prices.

Olowoyo made this known during an interview while explaining the workers’ demand for petrol to sell at ₦500 per litre and their threat to embark on a three-day warning strike.

He said workers had exchanged correspondence with President Bola Ahmed Tinubu and were optimistic that their concerns would be addressed in the President’s Independence Day address.

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According to him, failure to address the issues would have consequences, including the planned warning strike.

“If those issues are not addressed, then there are consequences,” Olowoyo said.
He explained that workers had already been mobilised to begin the three-day warning strike on Friday, with the action expected to continue through Saturday and Sunday before workers resume on Monday.

On the demand for ₦500 petrol, Olowoyo recalled that the price initially rose to about ₦550 per litre after subsidy was removed but later climbed to around ₦1,430 and ₦1,450, with prices reaching ₦2,000 or ₦2,500 in some areas.

“We are not actually asking for subsidy restoration, we are talking about intervention,” he said.

Olowoyo also questioned explanations attributing the increase in petrol prices to the Middle East crisis and market forces.
He asked what specific forces were determining petrol prices in Nigeria, considering that the country has crude oil and refining capacity, including the Dangote Refinery and modular refineries.

“We are aware that our own refineries are not working, but what about modular refineries?” he asked.

The JNPSNC official further questioned whether the government could support stakeholders operating in the oil and gas sector to provide a “soft landing” and help address the pressure created by rising fuel prices.

“That is why we are talking about intervention fund,” he said.

Olowoyo expressed hope that the President would address the workers’ concerns and prevent the proposed warning strike from taking place.