Bola Tinubu and Kashim Shettima have both been sworn in as President and Vice President of Nigeria, respectively.
Development Diaries reports that the Oath of Office was administered by the Chief Justice of Nigeria, Kayode Ariwoola, on Monday at Eagle Square, Abuja.
‘I, Bola Ahmed Tinubu, do solemnly swear that I will be faithful and bear true allegiance to the Federal Republic of Nigeria that I will preserve, protect and defend the constitution of the Federal Republic of Nigeria. So, help me, God’, the 71-year-old swore.
In his inaugural speech, President Tinubu reiterated his plans for the nation’s economy and security.
The president noted that a provision was not made for subsidy in the 2023 budget, so subsidy payment has come to an end.
‘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’, he said.
‘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’.
Still on the economy, Tinubu said his government will target a Gross Domestic Product (GDP) of not less than six percent growth.
‘On the economy, we target a GDP of not less than six percent growth’, he said.
He noted that the Central Bank of Nigeria (CBN) must work towards a unified exchange rate.
‘Monetary policy needs a thorough housecleaning. The Central Bank must work towards a unified exchange rate’, he said.
‘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’.
He further urged all Nigerians to join him in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.
Development Diaries calls on President Tinubu to ensure that beyond a beautiful inaugural speech, a beautiful manifestation of these promises is achieved in the coming days, months and years.
We also urge Nigerians to take note of all promises made by the president and hold him accountable.