President Bola Tinubu has been officially inaugurated as Nigeria’s number one man on Monday.
In his inaugural speech, Tinubu made several promises to the citizens of the country.
The new President pledged to create one million jobs for Nigerians, with a particular focus on the youth.
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Furthermore, he identified security as his administration’s top priority. He promised to take decisive action to address the security challenges facing the country.
Also in his inaugural speech, Tinubu made six major promises to the Nigerian people.
He said:
- We shall invest more in our security personnel”
The new president said his administration would reform Nigeria’s security architecture will be its top priority because neither prosperity nor justice can prevail amidst insecurity and violence.
“To effectively tackle this menace, we shall reform both our security doctrine and its architecture.
“We shall invest more in our security personnel, and this means more than an increase in number. We shall provide, better training, equipment, pay, and firepower.
2. Fuel subsidy is gone forever
In his inaugural speech, Tinubu stated that fuel “subsidy is gone forever.”
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favored the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall instead re-channel the funds into better investment in public infrastructure, education, health care, and jobs that will materially improve the lives of millions.
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3. We shall create one million jobs in the digital economy
The new president said his administration must create meaningful opportunities for youths.
“We shall honour our campaign commitment of one million new jobs in the digital economy.
“Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill.
“This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable.
“We will promote domestic manufacturing, electricity will become more accessible
On the economy, the president said his government will target a higher GDP growth and to significantly reduce unemployment.
“We intend to accomplish this by taking the following steps:
“First, budgetary reform stimulating the economy without engendering inflation will be instituted.
“Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
“Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.
“I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxations and various anti-investment inhibitions.
“We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.
“Currency-swap policy shall be reviewed
Tinubu was of the opinion that Nigeria’s monetary policy needs a thorough housecleaning.
“The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.
“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.
“We shall consult and dialogue with Nigerians
The president said his administration shall govern on the people’s behalf but never rule over them.
“We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.
“We are here to further mend and heal this nation, not tear and injure it.
“In this vein, may I offer a few comments regarding the election that brought us to this juncture. It was a hard fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.
“The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic.
“They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore.
“Some have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law.
“Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.
“We must never allow the labor of those who came before us to wither in vain but to blossom and bring forth a better reality.
“Let us take the next great step in the journey they began and believed in.
“Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.”
