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‘Improved security, remodeled economy’ — 10 key takeaways from Tinubu’s speech

 

On Monday, Bola Tinubu was sworn
in as Nigeria’s new president. The shrewd politician succeeds former President
Muhammadu Buhari who spent eight years in power and leaves behind a track
record of successes as well as shortcomings.

 

Tinubu had, during his presidential
campaigns, consistently promised to improve on his predecessor’s achievements.
In his inaugural speech, he highlighted a couple of changes that Nigerians
should expect to see in the coming weeks.

 

Here are ten takeaways from his
speech.

 

DEMOCRACY WILL PREVAIL

Tinubu, addressing a throng of
spectators at the Eagle Square in Abuja, promised to run an inclusive
government — one that would “heal” the country.

 

“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.”

 

A REMODELLED ECONOMY

 “We shall remodel our economy to bring about
growth and development through job creation, food security, and an end to
extreme poverty. On the economy, we target a higher GDP growth and to
significantly reduce unemployment.”

 

JOB CREATION

Tinubu said his administration
“must create meaningful opportunities for Nigeria’s youth population.

 

He pledged to honour his campaign
commitment “of one million new jobs in the digital economy”.

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 “Our government also shall work with the
national assembly to fashion an omnibus jobs and prosperity bill,” an excerpt
of the speech reads.

 

“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.”

 

AGRICULTURE

The new president said rural
incomes shall be “secured by commodity exchange boards guaranteeing minimal
prices for certain crops and animal products”.

Tinubu said 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 the best modern
practices and steps taken to minimise the perennial conflict over land and
water resources in this sector,” the president said.

 

 “Through these actions, food shall be made
more abundant, yet, less costly. Farmers shall earn more while the average
Nigerian pays less.”

 

FUEL SUBSIDY

President Tinubu also bemoaned
the economic implications of the current subsidy regime and assured Nigerians
of its removal.

 

“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,” he said.

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 “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.”

 

IMPROVED SECURITY

“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.

 

FOREIGN RELATIONS

“Given the world in which we
reside, please permit a few comments regarding foreign policy. 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 subregion
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.

 

THRIVING INFRASTRUCTURE

Last week, Muhammadu Buhari,
former president, said his administration “doubled” Nigeria’s infrastructure
stock to gross domestic product (GDP) to over 40 percent.

 

“We shall continue the efforts of
the Buhari administration on infrastructure,” Tinubu said.

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“Progress toward national
networks of roads, rail, and ports shall get priority attention.”

 

UNITY

“The south must not only seek
good for itself but must understand that its interests are served when good
comes to the north. The north must see the south likewise.

 

“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.”

 

UNIFIED EXCHANGE RATE

On recent policies by the Central
Bank of Nigeria, the new president vowed to make adjustments that will favour
citizens and businesses.

 

“Monetary policy needs a thorough
housecleaning. 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,” he said.

 

“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.”