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Tinubu steps in as president, unveils agenda

From Uche Usim, Juliana Taiwo-Obalonye and Paulinus Aidogie, Abuja

Asiwaju Bola Ahmed Tinubu, yesterday, took the oath of office with pledge to be a president for all, irrespective of circumstances of history and political differences.

He made the promise in his inaugural address in which he unveiled his administration’s blueprint. The 16th president vowed to defend Nigeria from terror, criminality, review naira redesign policy, interest rate even as he hammered on peace, unity and progress.

“Our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding. Let us develop a shared sense of fairness and equity.

“The South must not only seek good for itself but must understand that its interests are served when good comes to the North. The North must see the South likewise.

“Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people. As your president, I shall serve with prejudice toward none but compassion and amity towards all.”

He said in its over 60 years history Nigeria has endured hardships that would have made other societies crumble, but for its resilience and strength of its diversity the country has remained intact.

“To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.”

He noted that the handover symbolised Nigeria’s trust in God, the enduring faith in representative governance and the belief in the ability to reshape the nation into the society it was always meant to be. To advance the common vision of a better Nigeria, the president solicited the support of all Nigerians “to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.” 

He explained that though he fought hard to win the February 2023 election, the win does not make him any more Nigerian than his opponents, who he pledged to relate to as compatriots.

“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.”

He described the election that brought him to power as tough but fairly won, and dedicated his victory to the country with a promise to do his all to advance its progress.

“This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria,” he said.

The speech read in part: “The principles that will guide our administration are simple:

“Nigeria will be impartially governed according to the constitution and the rule of law.

“We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our subregion.

“We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.

“In our administration, women and youth will feature prominently.

“Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.

“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, 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.

“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.

“Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken.

“Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing. The livestock sector will be introduced to best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.

“Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.

“We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail and ports shall get priority attention.

“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.

“Monetary policy needs 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.

“Given the world in which we reside, please permit a few comments regarding foreign policy.

The crisis in Sudan and the turn from democracy by several nations in our immediate neighbourhood are of pressing concern.

As such, my primary foreign policy objective must be the peace and stability of the West African subregion 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.”

The swearing in ceremony was attended by four African Presidents – President of Ethiopia, Sahle-Work Zewde, her Cameroonian counterpart, Paul Biya, Liberian President, George Weah, and Rwandan President, Paul Kagame.

Prime ministers, world leaders and diplomats were also in attendance.


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