* Says subsidy is gone
* Urges CBN to unify exchange rate, cut interest rate to boost investment
* Gives five principles his administration will be guided by
By Mathew Dadiya, Abuja
New President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, Monday assured Nigerians and the entire world that his administration will govern but never rule, negotiate but never dictate as he officially assumed office.
The President said they “are here to further mend and heal this nation, not tear and injure it.”
Tinubu said this after he was sworn in for a four-year tenure at the Eagle Square, Abuja where the his predecessor, Muhammadu Buhari handedover the power to him.
According to him, 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.
He said that the election that brought them to this juncture, was a hard fought contest and it was also fairly won, adding that since the advent of the Fourth Republic, Nigeria has not held an election of better quality.
The President who pointed out that the outcome reflected the will of the people, added, “however, my victory does not render me any more Nigerian than my opponents, nor does it render them any less patriotic.”
On fuel subsidy, Tinubu said “subsidy is gone” commending the decision of the outgoing administration in phasing out the petrol subsidy regime which has “increasingly favoured the rich more than the poor.”
The President emphasized that subsidy can no longer justify its ever-increasing costs in the wake of drying resources, saying, “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.”
He said: “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 labor of those who came before us to wither in vain but to blossom and bring forth a better reality.
“Let us take the next great step in the journey they began and believed in.
“Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.
“My supporters, I thank you. To those who voted otherwise, I extend my hand across the political divide. I ask you to grasp it in national affinity and brotherhood. For me, political coloration has faded away. All I see are Nigerians.
“May we uphold these fitting and excellent notions as the new Nigerian ideal.”
Tinubu said that monetary policy needs thorough housecleaning, saying “the Central Bank must work towards a unified exchange rate,” adding that interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
This, the president said, would direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
“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,” he said.
Tinubu outlined the five principles that will guide his administration to include: “Nigeria will be impartially governed according to the constitution and the rule of law.
“We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our subregion.
“We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.
“In our administration, Women and youth will feature prominently.
“Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.”
He said his government shall continue the efforts of the former president Buhari administration on infrastructure, stressing that progress toward national networks of roads, rail and ports shall get priority attention.
