Tinubu: Subsidy Funds Will Be Re-channelled Into Better Investment In Public Infrastructure, Education, Health Care, Jobs

– President Bola Ahmed Tinubu

President Bola Tinubu, yesterday, took the oath of office in Abuja as Nigeria’s 16th president, and immediately swung into action, announcing, in his inaugural speech, an end to the country’s controversial petrol subsidy.

The subsidy had over the years been an albatross that hindered the economy by stripping it of badly needed development funds.

The president signalled a resolve to push for economic reforms. He promised to unite the country and prioritise security.

No fewer than seven African presidents were present at the colourful inauguration ceremony.

About 10 countries, also yesterday, formally presented their goodwill messages and letters of support and solidarity to Tinubu at the State House, Abuja, while representatives of the United Kingdom, United States, and Saudi Arabia held bilateral meetings with Tinubu.

The UK government sent “warmest congratulations” to Tinubu and Shettima on their inauguration, in a statement by His Majesty King Charles III.”

Speaker of the House of Representatives, Hon. Femi Gbajabiamila, congratulated the former Lagos State governor on his inauguration as president. Gbajabiamila said Tinubu’s tenure would mark a period of renewed hope for Nigeria.

But a civil rights advocacy group, Human Rights Writers Association of Nigeria (HURIWA), kicked against the announcement by Tinubu that petrol subsidy was gone. HURIWA described the announcement as unconstitutional and authoritarian.

Similarly, the leadership of Labour Party (LP) described Tinubu’s inaugural speech as uninspiring, saying it does not provide clear direction for the people of Nigeria.

However, Tinubu, in his inaugural address, gave as a reason for the discontinuation of the fuel subsidy the fact that the immediate past administration of President Muhammadu Buhari made no provision for it in the 2023 budget.

Tinubu noted that subsidy could no longer justify its ever-increasing costs in the wake of limited resources. He commended the decision of the outgoing administration to phase out the petrol subsidy regime, which he noted had increasingly profited the rich at the expense of the poor, which the policy originally targeted.

Tinubu said, “The fuel subsidy is gone. 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.”

The president said his administration was targeting a higher Gross Domestic Product (GDP) growth of not less than six per cent, which, according to him, would significantly reduce unemployment.

To accomplish the growth target, Tinubu said the new administration would institute a budgetary reform that would stimulate the economy without engendering inflation. The government will also institute an industrial policy that would utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency the new president said.

According to him, “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 taxation and various anti-investment inhibitions.

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

Tinubu said the country’s monetary policy needed thorough housecleaning, just as he urged the Central Bank of Nigeria (CBN) to work towards a unified exchange rate, “which will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.”

Tinubu advocated reduction of interest rates to stimulate investment and consumer purchasing in ways that can sustain the economy at a higher level.

He excoriated the CBN’s naira redesign policy as a harshly applied policy considering the number of unbanked Nigerians. He said the policy would be reviewed while in the meantime his administration would treat both the new and old currencies as legal tenders.

The president said security would be accorded priority by his administration, stressing that neither prosperity nor justice would prevail amid insecurity and violence.

To effectively tackle this menace, Tinubu said government would reform both its security doctrine and architecture.

“We shall invest more in our security personnel, and this means more than an increase in number,” he said. He added, “We shall provide, better training, equipment, pay and firepower.”

Tinubu also said the cornerstone of his foreign policy would be the peace and stability of the West African sub-region and the African continent.

He assured that Nigeria would work with the Economic Community of West African States (ECOWAS), African Union (AU), and willing partners in the international community to end extant conflicts and resolve new ones.

Tinubu said his administration would honour its campaign commitment of one million new jobs in the digital economy and create meaningful opportunities for the youth. He promised that the government would also work with the National Assembly to fashion an omnibus Jobs and Prosperity bill that would give the 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 said agriculture hubs would be created throughout the country to increase production and engage in value-added processing, leading to abundant, yet less costly, foods, while farmers earn more.

In addition, Tinubu said his administration would sustain the efforts of the Buhari administration on infrastructure; saying progress towards national networks of roads, rail, and ports would receive priority attention. He assured citizens of his unwavering confidence in them, and said he was honoured to assume the sacred mandate they gave him.

Tinubu stated, “My love for this nation is abiding. My confidence in its people, unwavering. And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity. This day is bold and majestic yet bright and full of spirit, as is our precious nation.

“To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.

“The peaceful transition from one government to another is now our political tradition. This handover symbolises 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.”

Tinubu described his predecessor as an honest, patriotic leader who did his best for the country, and a worthy partner and friend who history would be kind to.

He said his administration would mend and heal the country, not tear and injure it. He promised consultation and dialogue as well as respect for the views of persons that held contrary opinions.

The president described the election that brought him to power as a hard fought and a fairly won contest, saying since the advent of the Fourth Republic, Nigeria has not held an election of better quality.

According to Tinubu, “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.

“They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law.

“Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.

“We must never allow the labour of those who came before us to wither in vain but to blossom and bring forth a better reality.”

He challenged Nigerians to recommit to placing the country in their hearts as the indispensable home for all, regardless of creed, ethnicity, or place of birth.

Tinubu also extended a hand of fellowship across the political divide to his opponents in national affinity and brotherhood, saying political coloration has faded away, as they are all Nigerians.

About seven African presidents were present yesterday at the inauguration ceremony.

The colourful event, which took place at the Eagle Square, which was filled to capacity, had in attendance Rwandan President Paul Kagame, his Liberian counterpart, George Weah; President Abiy Ahmed of Ethiopia; President Samia Hassan of Tanzania; and President Cyril Ramaphosa of South Africa, among others.

Vice Premier Peng Qinghua, who is Vice Chairman of the Standing Committee of the National Peoples Congress and special envoy of the Chinese President, Xi Jinping, also graced the occasion.

United States President Joe Biden was represented by a delegation led by Secretary of the United States Department of Housing and Urban Development, Hon Marcia L. Fudge. Other members of the delegation at the inauguration included Mr. David Greene, Chargé d’Affaires, a.i., U.S. Embassy Abuja; Honourable Sydney Kamlager-Dove, United States Representative, California; Honourable Marisa Lago, Under Secretary of Commerce for International Trade, U.S. Department of Commerce, and General Michael E. Langley, Commander of U.S. Africa Command.

Also present were US Hon. Enoh T. Ebong; Director, U.S. Trade and Development Agency; Hon. Mary Catherine Phee, Assistant Secretary of State for the Bureau of African Affairs, U.S. Department of State; the Honourable Judd Devermont, Special Assistant to the President and Senior Director for African Affairs, National Security Council; and the Honourable Monde Muyangwa, Assistant Administrator for the Bureau for Africa, U.S. Agency for International Development.

Those at the occasion also included Senate President, Dr. Ahmad Lawan; Speaker of the House of Representatives, Hon Femi Gbajabiamila; former President Goodluck Jonathan; Chairman of the Dangote Group, Aliko Dangote; President of the African Development Bank (AfDB), Akinwumi Adesina.

The dignitaries included also Chief of Defence Staff, Service Chiefs, the Inspector-General of Police, Ministers, Chairman of the ruling All Progressives Congress (APC), Senator Adamu Abdullahi; traditional rulers, clergy men, among others.

The programme kicked off in earnest about 10:12am with the arrival of immediate past president, Muhammadu Buhari.

Prior to Buhari’s arrival, Tinubu, Shettima and the immediate past vice president, Professor Yemi Osinbajo, had all arrived and settled at the State Box in readiness for the programme.

At exactly 10.36 am, Tinubu took his oath of office, accompanied by his wife, Senator Oluremi Tinubu. The Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, administered the oath. The vice president, Kashim Shettima, took his oath of office a moment earlier.

By 11am, Buhari joined Tinubu on the dais to witness the official hoisting of new National and Defence Flags to signify the beginning of the Tinubu’s administration. The new colours and instrument of office were earlier handed over to Buhari and Tinubu, who in turned passed it on to the Chief of Defence Staff, General Lucky Iraboh.

Few minutes after, at exactly 11.03am, Buhari left the Eagles Square venue of the inauguration for Nnamdi Azikiwe International Airport, Abuja. He left in company of some personal aides to the airport, from where he was flown to the Katsina airport where a helicopter was waiting to fly him to Daura, his hometown where a reception was organised for the 16th President of Nigeria.