New Telegraph

Tinubu takes over as 16th President

The winner of the 2023 presidential election, Asiwaju Bola Tinubu, was sworn-in as the 16th President of Nigeria’s at a colourful ceremony at the Eagle Square, Abuja, yesterday. The swearing-in ceremony was performed by the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, shortly after doing the same for the Vice President-elect, Sen Kashim Shettima.

Tinubu in his speech extended a hand of fellowship to his political opponents whom he described as compatriots assuring all that he would govern and not rule over the people. The new President thanked his predecessor, Muhammadu Buhari for his efforts at phasing out the subsidy of fuel which he described as wasteful and unjustifiable.

He equally picked holes in the naira swap policy of the former President for making the people to suffer avoidable hardship ordering that the old and new currencies should continue to co-circulate. Vowing to rejig the nation’s security doctrine and structure, Tinubu equally assured that his government would create over a million jobs in the digital economy.

On security, he said: “Security shall be the top priority of our administration 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.”

On the economy, the President said: “We 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 utilise 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 taxation and various anti-investment inhibitions. “We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.”

On job creation, he said: “My administration must create meaningful opportunities for our youth. 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.” While disclosing that his administration would reform the agricultural sector by creating hubs for food production at affordable prices, the President said his administration would continue to build on the successes of his predecessor on infrastructure. On fuel subsidy removal, he said: “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured 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.”

On monetary policy, Tinubu said: “Monetary policy needs thorough house cleaning. 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.”

On his foreign policy, Tinubu lamented the crisis ongoing in Sudan and the trend of instability in some African countries. “As such, my primary foreign policy objective must be the peace and stability of the West African sub-region and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.

“As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity,” he said. Some of the dignitaries at the ceremony were the Presidents of Ghana, Cameroon, Benin Republic, Rwanda amongst others. Meanwhile, the President of the United States, Joe Biden, has expressed the desire to work with the newly sworn-in President of Nigeria, Tinubu.

This was disclosed in a statement, yesterday, from Biden to Tinubu while felicitating with the new Nigeria President. Biden, in the release, reiterates his administration’s readiness to work with Tinubu “to strengthen ties between the United States and Nigeria.” He said: “On behalf of the people of the United States, I send warm wishes to the government and people of Nigeria as they inaugurate a new President. I look forward to continuing this work with President Tinubu to support economic growth, advance security, and promote respect for human rights.”
The US President expressed optimism about the ideas and energy of the dynamic connection between the two countries, noting that the US will continue to work closely with the most populous country in Africa.

“As Africa’s largest democracy and economy, Nigeria’s success is the world’s success. Elected leaders owe it to their people to show that democracy can deliver for their needs. And the United States will continue to work closely with Nigeria, as a friend and partner, to deliver a more peaceful and prosperous future for our world,” Biden said

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