New Era: Tinubu’s inauguration promises

PRESIDENT Bola Ahmed Tinubu has again reiterated his commitment to fulfilling several pledges.

Tinubu, who contested under the All Progressive Party (APC), was inaugurated alongside his vice, Kashim Shettima, on Monday, May 29, at Eagle Square in Abuja.

Tinubu, while delivering his inaugural speech amidst cheers from his supporters, outlined the key initiatives to be anticipated from his administration and placed significant emphasis on fulfilling his campaign promises.

He stressed that the country he dreamed of is more than just an improvement in economics and other statistics.

President Tinubu also noted that his team will soon release key details of his economic programme.

The ICIR has, however, highlighted some of the key promises that Tinubu made while delivering his inaugural speech.

You can read his economic policy here

President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

Security

Security is a great concern to many Nigerians; President Tinubu has pledged to prioritise security and effectively tackle the menace of insecurity.

“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.”

Economy

The new President said his administration will target a higher GDP growth and significantly reduce unemployment.

Tinubu vowed to increase Nigeria’s gross domestic product (GDP) by at least six per cent annually.

He noted that he will achieve that 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 taxations and various anti-investment inhibitions.

“We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.”

Jobs Creation 

On job creation, Tinubu vowed to create meaningful opportunities for youths to reduce the unemployment rate in the country.

He promised that his administration would create one million jobs through the digital economy for the teeming youths in Nigeria.

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,”

“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.”

Tinubu reiterated that the Nigerian economy would improve through the creation of budgetary reform and industrial policy to address the economic crisis in Nigeria.

He added that his administration would ensure that Nigerians depend less on importation to strengthen the utilisation of domestic products.

 

Agriculture

Tinubu also vowed to secure rural incomes through commodity exchange boards and guarantee minimal prices for certain farm products.

“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 minimise 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,” Tinubu said.

Fuel Subsidy

Another important promise the new President made is re-channelling funds into a better investment instead of the usual subsidy removal.

The President declared that ‘fuel subsidy is gone’ in his inaugural speech.

“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

Tinubu claimed that the Nigerian monetary policy needs thorough housecleaning and would reduce the interest rates to increase investment. He noted that the monetary policy will be reviewed.

“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.”

He implied he would make the Central Bank of Nigeria (CBN) work towards a  unified exchange rate.

“It must be reduced to increase investment and consumer purchasing in ways that will sustain the economy at the highest level,” he said.

Foreign Policy

President Tinubu explained that the crisis in Sudan has opened their eyes to what true democracy means. 

He stated that his administration would retool Nigeria’s foreign policy to a more active one.

“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 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 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.”

    I will govern, not rule.

    Tinubu assured Nigerians that his administration will govern and not rule over them.

    “Our administration will govern you only 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 a view contrary to our own.

    “We are here to further mend and heal this nation, not tear and injure it,” Tinubu said.

     

    Usman Mustapha is a solution journalist with International Centre for Investigative Reporting. You can easily reach him via: [email protected]. He tweets @UsmanMustapha_M

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