Tinubu’s inaugural speech
Today (Monday), amidst a vibrant atmosphere and joyful celebrations at the Eagle Square, President Bola Tinubu was officially inaugurated as the 16th President of Nigeria. In his inaugural address, President Tinubu highlighted the crucial policies and initiatives that will mark the beginning of his tenure.
Tinubu has emphasized that the era of fuel subsidy has come to an end, reaffirming the government's stance on the matter.
He expressed, "We commend the outgoing administration for its decision to phase out the petrol subsidy system, as it has disproportionately benefited the wealthy rather than the impoverished. The escalating costs of subsidies can no longer be justified given our depleting resources."
"Instead, we will redirect these funds towards substantial investments in public infrastructure, education, healthcare, and job creation, all of which will significantly enhance the lives of millions."
The president underscored the importance of generating employment and fostering prosperity for the youth. He emphasized, "It is imperative for our administration to create substantial opportunities for our young population. We remain committed to fulfilling our campaign promise of generating one million new jobs within the digital economy."
He further announced that the government will collaborate with the National Assembly to develop a comprehensive Jobs and Prosperity bill. This legislation will enable our administration to undertake labor-intensive infrastructure enhancements, promote light industries, and enhance social services for the less privileged, elderly, and vulnerable segments of society."
We are committed to reforming our security doctrine, recognizing the need for strategic improvements.
Tinubu emphasized that security would be the foremost priority of his administration, as prosperity and justice cannot thrive in the midst of insecurity and violence.
He stated, "To effectively address this threat, we will undertake comprehensive reforms of both our security doctrine and its architecture."
"We will allocate increased resources to our security personnel, recognizing that this entails more than just expanding their numbers. We will prioritize enhanced training, equipment, remuneration, and firepower."
Our aim is to achieve higher GDP growth by implementing targeted strategies and policies.
Regarding the economy, Tinubu outlined his plans to achieve higher GDP growth and significantly reduce unemployment.
"We will pursue these objectives through the following measures: Firstly, implementing budgetary reforms that stimulate the economy without causing inflation."
"Secondly, adopting an industrial policy that utilizes a range of fiscal measures to promote domestic manufacturing and reduce dependence on imports."
"Thirdly, ensuring accessible and affordable electricity for both businesses and households. We aim to nearly double power generation and improve transmission and distribution networks. We will also encourage the development of local energy sources by the states."
"I have a message for both local and foreign investors: Our government will carefully review any concerns regarding multiple taxations and other obstacles to investment."
He stated, "We are committed to ensuring that investors and foreign businesses can repatriate their hard-earned dividends and profits back to their home countries."
We will establish agricultural hubs throughout the nation, fostering the growth and development of the agricultural sector.
Tinubu announced that rural incomes would be safeguarded through the establishment of commodity exchange boards, ensuring minimum prices for specific crops and animal products. Additionally, he mentioned that a nationwide program would be initiated to provide storage and other facilities to reduce spoilage and waste.
In order to boost production and promote value-added processing, agricultural hubs will be established across the country. The livestock sector will be introduced to modern best practices, while efforts will be made to mitigate conflicts over land and water resources in this sector.
By implementing these measures, the availability of food will increase while its cost decreases. This will enable farmers to earn more while average Nigerians pay less for their food.
There is a pressing need for a comprehensive overhaul of monetary policy.
President Tinubu acknowledged the necessity for a thorough housecleaning of the monetary policy, specifically emphasizing the importance of the Central Bank working towards achieving a unified exchange rate.
He stated, "By establishing a unified exchange rate, we can redirect funds from arbitrage activities towards meaningful investments in plants, equipment, and job creation, which drive the real economy."
"To stimulate investment and consumer spending at sustainable levels, it is crucial to reduce interest rates."
Recognizing the challenges faced by unbanked Nigerians, President Tinubu highlighted the need to review the harsh application of the currency swap policy by the Central Bank. In the interim, his administration will recognize both currencies as legal tender.
Peace and stability are the primary objectives of our foreign policy.
Tinubu expressed his thoughts on foreign policy, stating, "Given the global context, I would like to address a few key points."
"The crisis in Sudan and the democratic backsliding in neighboring countries are matters of utmost importance and concern."
"Therefore, my foremost foreign policy objective is to promote peace and stability within the West African sub-region and across the African continent. We will collaborate with ECOWAS, the AU, and willing international partners to address existing conflicts and prevent new ones from emerging."
"While addressing threats to peace, we will also revitalize our foreign policy to take a more proactive role in leading regional and continental efforts towards collective prosperity."
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