Asiwaju Bola Ahmed Tinubu, was on Monday sworn in as the 16th President, Commander in Chief of the Armed Forces of Nigeria alongside his Vice, Kashim Shettima. The event was held at the Eagle Square, Abuja.
In his inaugural speech, which was delivered shortly after taking his President Bola Tinubu, said his administration is aiming to expand the country’s gross domestic product (GDP) by “not less than 6 per cent”.
The president also unveiled a plan to harmonise the nation’s multiple exchange rates as part of the broad plan to transform Africa’s largest economy.
The target growth rate is almost two times that of last year, put at 3.1 per cent by the statistics office.
The World Bank expects the Nigerian economy to grow by 2.8 per cent this year, while the International Monetary Fund’s has projected it will enlarge by 3.2 per cent.
President Tinubu said during his inauguration speech in Abuja he is counting on budgetary reforms and a raft of other policies to achieve that objective.
“First, budgetary reform stimulating the economy without engendering inflation will be instituted,” he stated while presenting the key highlights of his programme, which he said his team will be providing more details for in the days and weeks ahead.
At 22.2 per cent, the new administration is inheriting an inflation rate fast approaching its peak level in 18 years and a fiscal crisis in which virtually all of the government’s revenue goes to servicing debt.
The administration also faces a debt burden, now about N70 trillion, that raises concerns about fiscal sustainability.
“Industrial policy will utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency,” the president added.
He vowed to review the complaints by both local and foreign investors on multiple taxations and “various anti-investment inhibitions.”
Monetary policies
President Tinubu affirmed that the Central Bank of Nigeria (CBN) under him will aim at harmonising Nigeria’s multiple exchange rates. He also expects the monetary policy structure to undergo “housecleaning.”
Pursuing a single exchange rate, he disclosed, will help divert funds away from arbitrage into productive endeavours such as investment in plant, equipment and job creation.
He is nursing the ambition of cutting interest rates to drive investment in ways that will foster economic growth.
The president took a swipe at the recent botched currency swap, which he noted as being hastily executed by the CBN.
“The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender,” he said.
His speech further promised to exclusively serve the interests of Nigerians, which he will give utmost priority.
“We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never extinguish.
“Our administration shall govern on your behalf but never rule over you. 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.”
He further urged Nigerian to follow his administration as a unified nation, not as one filled with diversity.
The president laid out his plans for the nation in different sectors such as economy, foreign policy, security, job creation, infrastructure and so on. He promised that in the coming weeks of his administration, he and his team would be establishing key aspects of their initiatives which are important to their “concept of progressive good governance.”
Highlighted aspects of the governance include impartial governance, defence against terror and all forms of criminality, remodelling the economy to bring about growth and development through one million new job opportunities, food security and an end of extreme poverty, prominence of women and youth in politics and strengthening of the effectiveness and efficiency in various anti-corruption agencies.
He addressed former President Muhammadu Buhari appreciating him for his “honest” and “patriotic” leadership as well as resilience in facing challenges during his eight year administration.
Concluding, he assured that the nation will be put in its “rightful place” amongst the world democracies. He added, “In this spirit, I ask you to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality. With full confidence in our ability, I declare that these things are within our proximate reach because my name is Bola Ahmed Tinubu, and I am the President of the Federal Republic of Nigeria.”
News Echo therefore urges President Bola Tinubu to endeavor to live up to his promises contained in his inaugural speech in order to distinguish his reign as his predecessor, Muhammadu Buhari, clearly reneged on virtually all his promises during his 8 year tenure.
