President Bola Tinubu took the oaths of office and loyalty on Monday in Abuja to become the 16th president of Nigeria. In addition, Tinubu outlined several measures he would take to put the nation on the path to economic growth, stability, and prosperity in his Inaugural Speech at Eagle Square.
The President met with representatives from the UK, US, Saudi Arabia, Japan, Brazil, South Korea, Israel, Cape Verde, Somalia, and Nicaragua shortly after his inauguration in the Presidential Villa in Abuja.
Six main points from Tinubu’s Inaugural Speech are listed below.
1. Security
The newly elected leader declared that improving Nigeria’s security remained his top goal. He promised to solve it by strengthening security philosophy and architecture, increasing investment in security personnel, and enhancing training, resources, pay, and weaponry.
2. Permanent Removal of the Subsidy.
In his inauguration address, Tinubu said that the gasoline subsidy had been permanently eliminated. He said that because the subsidy regime progressively favoured the wealthy over people with low-income and the subsidy’s expenses were too high, the decision to abolish it became necessary.
“The funds will be used for better investment in public infrastructure, education, healthcare, and job creation,” he said.
3. A Million Jobs
The newly elected President declared that his government would accomplish its election pledge to generate one million new jobs in the digital sector by giving young people real possibilities.
The President committed to collaborating with the National Assembly. They will design an all-encompassing Jobs and Prosperity law. This law will allow policymakers to implement labour-intensive infrastructure upgrades. It will also promote the light industry and enhance social services for the underprivileged, old, and vulnerable.
4. Local Production
The President promised that his government would work to lower unemployment and increase GDP growth. He stated that to do this; he intends to implement budgetary reform to boost the economy without inducing inflation. He also plans to use fiscal policies to support domestic manufacturing and lessen reliance on imports. Furthermore, he aims to increase access to and affordable electricity for homes and businesses. Lastly, he plans to enhance the power generation, transmission, and distribution networks. Furthermore, he committed to supporting state efforts to create homegrown power sources. In addition, “the government will examine all investor complaints about multiple taxes and investment-inhibiting regulations to ensure that investors and foreign firms can repatriate their dividends and profits home.”
5. Review of Currency Swap Policies
Tinubu stated that it is necessary to carefully examine the currency exchange programme and Nigeria’s monetary policy.
6. Consultations and Discussions with Nigerians
The President said that while his government would serve the people, it would never rule over them.
The former governor of Lagos State promised Nigerians that he would always consult and engage in discourse with everyone, never imposing his will. He declared that the administration was there to unite and heal the country, not to split it in two.
cc: Punch Ng
