Nigeria’s president, Asiwaju Bola Ahmed Tinubu, has promised to keep some of his pledges to the populace.
The new president took use of the chance to make announcements about the priorities of his administration in his inaugural address on Monday.
For Nigerians, particularly the youth, the new president promised to create at least one million new employment. He also stated that the administration’s first concern will be security.
The new president made six important promises in his inauguration speech today.
1. We will increase our security staff investment.
Because neither prosperity nor justice can thrive in an environment of insecurity and bloodshed, the new president said that his administration’s main goal would be to restructure Nigeria’s security architecture.
We will update both the architecture and our security doctrine in order to address this threat effectively.
In order to enhance our investment in security professionals, we must do more than simply hire additional people. We’ll offer greater instruction, gear, compensation, and firepower.
2. The subsidy has ended.
Tinubu claimed that the fuel “subsidy is gone forever” in his inaugural speech.
We applaud the outgoing administration’s decision to phase out the fuel subsidy system, which has progressively favored the wealthy over the poor. In the context of depleting resources, subsidies can no longer be used to justify their ever-rising prices.
Instead, we will reinvest the money in better public infrastructure, healthcare, education, and employment opportunities that will significantly better millions of people’s lives.
3. One million new employment in the digital economy will be created.
According to the incoming president, his administration must give young people worthwhile chances.
We will keep our promise from the campaign to create a million new employment in the digital sector.
Additionally, our government will collaborate with the National Assembly to draft a comprehensive Jobs and Prosperity measure.
This legislation would grant our administration the freedom to pursue labor-intensive infrastructure upgrades, support light industry, and enhance social services for the underprivileged, old, and vulnerable.
4. Domestic production will be encouraged, and access to electricity will increase.
Regarding the economy, the president stated that his administration’s goals are to increase GDP growth and significantly lower unemployment.
The following actions are what we plan to take to achieve this:
First, there will be a budgetary reform that stimulates the economy without causing inflation.
Second, industrial policy would make use of all available fiscal tools to support domestic manufacturing and reduce reliance on imports.
Third, both homes and businesses will be able to obtain and afford electricity. Networks for transmission and distribution should be strengthened, and power generation should nearly double. States will be urged to create local sources as well.
I want to let both domestic and foreign investors know that our government would look into all of their grievances regarding excessive taxation and other investment-inhibiting measures.
We will make sure that international corporations and investors return their hard-earned dividends and profits to their native countries.
5. A reassessment of the currency swap policy is required
According to Tinubu, Nigeria’s monetary policy need a complete overhaul.
To achieve a single exchange rate, the Central Bank must work. As a result, money will be diverted from arbitrage into significant investments in the machinery, tools, and employment that drive the actual economy.
To promote consumer spending and investment in ways that support the economy at a greater level, interest rates must be decreased.
Despite any conceptual virtues, considering the number of unbanked Nigerians, the CBN overly implemented the currency swap. A review of the policy is required. My administration will treat both currencies as legal money in the interim.
6. We’ll talk to and consult with Nigerians.
The president declared that his administration would always rule for the people, not in their place.
We will talk and consult, but we will never give orders. We will be inclusive of everyone and never disparage someone for possessing opinions that differ from our own.
This nation needs to be further repaired and healed, not torn apart and damaged.
In keeping with this, allow me to make a few observations about the election that led to this point. It was a competitive battle. Additionally, it was won fairly. Nigeria has not held an election of higher caliber since the establishment of the Fourth Republic.
The result reflected the people’s wishes. However, despite winning, I am no more a Nigerian than my rivals. They are not any less patriotic as a result.
They will always be considered my fellow citizens. And I’ll treat them accordingly. They stand for significant constituencies and issues that wisdom would be foolish to dismiss.
Some people have filed legal complaints. They have the right to seek legal remedies, and I fully support them in exercising this right. The foundation of the rule of law is this.
Our founding ancestors valiantly sacrificed themselves more than 60 years ago to establish Nigeria as an independent country.
The work done by those who came before us must never wither, but must instead blossom and give birth to a better world.
Let’s move forward with the mission they started and believed in.
Let’s renew our commitment to making Nigeria, regardless of creed, ethnicity, or place of origin, the indispensable home for each and every one of us.