President Bola Ahmed Tinubu yesterday set the pace for governance under his administration, vowing to focus on some key sectors crying for reforms.
Tinubu stated the critical reforms he would undertake as he hit the ground running, just as he called for unity and commitment to nation-building.
In the first policy direction of his administration, Tinubu announced the removal of fuel subsidy.
According to him, subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
He spoke after taking the oath of office and allegiance as the 16th president of Nigeria administered by the Chief Justice of Nigeria (CJN), Justice Kayode Ariwoola, at the Eagle Square, Abuja.
Tinubu pledged to be a president for all, irrespective of the circumstances of history and political differences, saying though he fought hard to win the 2023 presidential poll, his victory does not make him more Nigerian than his opponents.
He pledged to relate to presidential candidates of the People's Democratic Party (PDP), Atiku Abubakar; the Labour Party candidate, Peter Obi and all other candidates as compatriots.
He appealed to Nigerians to bury political differences and join him in a new journey of healing, nation-building and economic prosperity.
Before Tinubu took the stage for the oath of office, the CJN had administered similar oaths on Vice President Kashim Shettima.
Tinubu stated: "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."
Highlighting Nigeria's resilience and strength of diversity, Tinubu acknowledged the country's endurance through hardships and its establishment as a democracy.
"To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.
"This handover symbolizes our trust in God, our enduring faith in representative governance and our belief in our ability to reshape this nation into the society it was always meant to be," he noted.
He expressed his trust in God, faith in representative governance, and belief in the ability to shape Nigeria into the society it was meant to be.
Noting that subsidy can no longer justify its ever-increasing costs in the wake of drying resources, Tinubu declared that subsidy is gone for good.
He said, "Subsidy is gone. we shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions," Tinubu stated.
President Tinubu said 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.
"The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic.
"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 best 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.
Regarding the economy, President Tinubu pledged to lead the country towards economic turnaround and implement far-reaching reforms.
He promised to offer budgetary reform that would stimulate the economy without engendering inflation.
He noted: "Second, industrial policy will utilize 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."
Tinubu also announced as his main focus the promotion of domestic manufacturing, improved accessibility and affordability of electricity, and addressing complaints about multiple taxation and anti-investment inhibitions.
The president stressed the importance of security, stating that it would be the top priority of his administration.
He stressed the need for peace and stability in the West African subregion and the African continent, pledging to work with ECOWAS, the AU, and international partners to resolve conflicts.
On monetary policy, Tinubu called for a thorough house cleaning and urged the Central Bank of Nigeria to 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," he explained.
He announced that both old and new naira notes would remain legal tender, even as he criticised the harsh application of the controversial currency swap policy.
To tackle unemployment, Tinubu reiterated the salience of creating "meaningful opportunities for our youth", as he pledged to honour his 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," he added.
In his concluding remarks, President Tinubu dedicated his victory to the Nigerian people and urged them to join him in making Nigeria a more perfect nation and democracy.
The swearing-in ceremony was attended by many presidents, prime ministers and other world leaders and diplomats.
Also in attendance were former Head of State General Yakubu Gowon, former President Goodluck Jonathan, Senate President Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, serving and former governors, traditional and religious leaders, captains of industry and members of the diplomatic corps among others.
Don't Rush Into Removal Of Fuel Subsidy , NUPENG Tell President Tinubu
Reacting to the issue of subsidy removal as announced by President Tinubu, the National Union of Petroleum and Natural Gas Workers (NUPENG), cautioned the new president not to be in a hurry to remove subsidy.
in a statement signed its president, William Akporeha and general secretary, Comrade Ajolabi Olawale, NUPENG said, "Without any doubt a major socio economic policy on the front burner of national discourse and expectation is the recurrent discussion/debate for the removal of subsidy from the Petroleum Motor Spirit.
"As a responsible and responsive Trade Union in the industry we are very desirous of policy change on the issue of subsidy on PMS, but we are deeply concerned of the failure of the successive administration to do the needful as severally advised and canvassed for by organized labour in order to avoid unintended consequences on the people and the body polity.
"We are delighted that our concerns about the dependence on importation are being addressed by the recently commissioned Dangote Refinery, but we are quick to add that the administration of Asiwaju Bola Ahmed Tinubu should not rush into taking any decision on the policy change until the products are actually in the market from the Dangote Refinery.
"ln the same vein the in-coming administration should make all three public refineries functional and should not because of the anticipatory products availability from Dangote refinery allow all the hard-earned funds injected into the rehabilitation of the three public refineries (Warri, Port Harcourt and Kaduna) wasted but concrete efforts should be geared towards making them functional and operate in full capacities to generate returns on the investments."
NUPENG said it has always been their firm belief that deregulation that is based on local production will not only increase the revenue earnings of the country, but will also generate employment and make life more meaningful to ordinary Nigerians.
"It's also very imperative for the new administration to have robust engagement and discussion with all key stakeholders, most especially the organized labour on ways and means to mitigate these consequences on employment, inflation and living conditions of the working people.
"Any major policy decision on the removal of the subsidy on this very important economic item should be taken with extra caution in view of the enormous implications and the impacts on the overall economic activities of the nation and other unintended consequences on the ordinary citizens considering the socio-economic importance of the product, " NUPENG stated.
When contacted for reaction, president of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, simply said, "No comments for now."
UK, US, Saudi Arabia, Others In Bilateral Meeting With President
Meanwhile, the United Kingdom, United States, Saudi Arabia, Japan, Brazil, South Korea, Israel, Cape Verde, Somalia and Nicaragua yesterday formally presented their goodwill messages and letters of support and solidarity to President Tinubu at the presidential villa, Abuja.
The letters were presented to the president by the special envoys and heads of missions of the countries after his inauguration as the 16th President of Nigeria.
While congratulating President Tinubu, the new UK High commissioner to Nigeria, Richard Montgomery, presented letters from British Prime Minister, Rishi Sunak, King Charles and Archbishop of Canterbury, Justin Welby.
The US delegation led by secretary of Housing and Urban Development, Marcia L. Fudge, paid a courtesy call on President Tinubu and had a brief bilateral discussion with him.
Also, the South Korean delegation had bilateral discussions with Tinubu.
While delivering a letter of invitation from South Korean President Yoon Suk Yeol for Tinubu to visit that country soon, the delegation also sought increase relations between the two countries.
The Saudi Arabian delegation delivered a goodwill message from the Saudi Royal House to the Nigerian president.
A special envoy of the Japanese Prime Minister Fumio Kishida equally paid a call on President Tinubu and extended a hand of support and fellowship.
In the same vein, Israeli Prime Minister Benjamin Netanyahu sent a delegation which met with Tinubu and expressed willingness to work with the country in the area of fin-tech.
Delegations of other countries that met with President Tinubu and pledged cooperation with Nigeria included those from Brazil, Somali, Cape Verde and Nicaragua.
Biden Congratulates President Tinubu On Inauguration
The United States President Joe Biden has sent his warm wishes to Nigeria 's President Bola Tinubu on his inauguration as the 16th President of Nigeria in Abuja on Monday.
This was disclosed by a a statement issued by the White House on Monday.
The statement read :"On behalf of the people of the United States, I send warm wishes to the government and people of Nigeria as they inaugurate a new President. My administration has worked to strengthen ties between the United States and Nigeria, and I look forward to continuing this work with President Tinubu to support economic growth, advance security, and promote respect for human rights.
"The people-to-people connections between our two countries run particularly deep, nurtured by a vibrant Nigerian Diaspora in the United States. As we further deepen our partnership with Nigeria, I look forward to drawing even more on the ideas and energy of this dynamic connection between our countries.
"As Africa's largest democracy and economy, Nigeria's success is the world's success. Elected leaders owe it to their people to show that democracy can deliver for their needs. And the United States will continue to work closely with Nigeria, as a friend and partner, to deliver a more peaceful and prosperous future for our world."
President Biden had earlier sent a 9-man delegation for the inauguration, which had in attendance Presidents and heads of state of many countries including other dignatories.
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In States, Governors Make Commitment To Good Governance
Also yesterday, the oath of office was administered to governors and their deputies in 28 states of the federation by the respective state chief judges
In their inaugural speeches, both the new and second term governors thanked the people for their resilience, commitment and dedication to the democratic ideals, as they pledged good governance.
Highlights Of Tinubu's Inaugural Speech
Commitment to Democracy: President Bola Ahmed Tinubu affirms Nigeria's commitment to democracy and the peaceful transition of power, highlighting the significance of the handover as a symbol of trust in representative governance.
Unity and Resilience: The speech emphasises the unity and resilience of the Nigerian people, acknowledging the challenges faced but highlighting the nation's status as Africa's most populous and champion of the Black Race.
Inclusivity and National Unity: The President extends his hand across the political divide, emphasizing his desire to work for all Nigerians and treat political opponents as fellow compatriots, irrespective of creed, ethnicity, or place of birth.
Nigerian Ideal: President Tinubu outlines the Nigerian ideal, which goes beyond economic growth and statistics. He emphasizes the need for compassion, brotherhood, and collective effort to resolve social ills, with a focus on fairness, equity, and the nurturing of humanity.
Security: Security is identified as a top priority, and the President commits to reforming both the security doctrine and architecture. This includes investing in security personnel, providing better training, equipment, pay, and firepower to effectively tackle insecurity and violence.
Economic Growth and Job Creation: The President targets higher GDP growth, reduced unemployment, and the creation of one million new jobs in the digital economy. Initiatives such as budgetary reform, industrial policy, improved access to electricity, and addressing investment inhibitions are mentioned to stimulate economic growth.
Agriculture: The President outlines plans to secure rural incomes, establish commodity exchange boards, reduce spoilage and waste, create agricultural hubs, and introduce modern practices in the livestock sector. The goal is to increase production, value-added processing, and make food abundant yet less costly.
Infrastructure Development: Continuing the efforts of the previous administration, the President prioritizes national networks of roads, rail, and ports to drive infrastructure development in the country.
Fuel Subsidy Reform: The speech commends the phasing out of the petrol subsidy regime and proposes redirecting funds into public infrastructure, education, healthcare, and job creation, with a focus on improving the lives of millions.
Foreign Policy: The President highlights the importance of peace and stability in the West African subregion and the African continent. Commitment to working with regional and international partners to resolve conflicts and promote collective prosperity is emphasised.
