Tinubu’s 10 policy statements during inauguration

Here are the 10 policy statements from the new President’s inaugural speech. These policies focus on monetary policy (3), agriculture (2), power and utilities (2), security (1), and economic growth, including youth employment (3).

On Dual exchange rate

He promised to houseclean Nigeria’s monetary policy and in particular to encourage the Central Bank to “work towards a unified exchange rate.” The goal, according to him, is to “direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.” He did not immediately abolish dual exchange rate.

On Interest rates

Mr. Tinubu said his administration will “also work to reduce interest rates” in order to increase investment and consumer purchasing to sustain the economy at a higher level.

On Currency Swap

This is where he brought down the hammer, describing the exercise as “harshly applied by the CBN.” He emphatically promised to review the policy. But for now, his government will regard both currencies as legal tender until the review.

On Foreign Policy

The new President favours Nigeria’s extant concentric circle foreign policy. Nigeria’s “search for peace and stability” in the world will extend from West Africa (through ECOWAS) to Africa (AU) and the rest of the international community.

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President Tinubu’s inaugural Speech

This is the full text of Nigeria’s new President Bola Ahmed Tinubu’s inaugural speech today 29 May 2023 in Abuja.

by Editor May 29, 2023May 29, 2023

On Security

Again, Mr. Tinubu did not propose any radical departure from the existing arrangements, although he did say that he will reform security both in “doctrine and architecture.” What he did say was that he will recruit more security personnel, give them better training, pay, and more firepower.

On economy and GDP Growth

Tinubu said he will grow GDP and reduce unemployment by carefully stimulating the economy “without engendering inflation.” He will also promote domestic manufacturing but he did not outline the strategy to do so. He also reassured investors that multiple taxation and other anti-investment inhibitions will be addressed and enable them to seamlessly repatriate their dividends and profits.

On Electricity Generation

The new government will make electricity “more accessible to homes by doubling power generation and improving transmission. States will be encouraged to develop local sources as well, although this has already been entrenched in the constitution.

On Youth employment

President Tinubu restated his campaign commitment to create one million new jobs for the youths in the digital economy subsector. He also promised to get the legislature to approve a bill that makes it possible to “embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable”

On Agriculture

On agriculture, he restated his commitment to most of the programmes already in place. Additionally, he will create commodity exchange boards “to guarantee prices of some crops and animal products.”

On Fuel Subsidy

Mr. Tinubu confirmed that the Buhari administration removed fuel subsidy. He said: “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

Conclusion

In the coming days and months, the nation expects these statements fleshed out with details of the vision, plans, and programmes to support their implementation.