The Bola Tinubu era is effectively up and running, with the newly inaugurated president assuring Nigerians that he will govern on their behalf and not rule over them.
He made the declaration in his inaugural address after receiving his oath of office at Eagle Square, Abuja, on Monday.
According to him, even though the 2023 presidential election was keenly contested, it turned out to be an election with the best quality so far in the history of the nation, with the outcome reflecting the will of the people.
He said: “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 mend further and heal this nation, not tear and injure it.
“In this vein, may I offer a few comments regarding the election that brought us to this juncture? It was a hard-fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.
“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 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.”
President Tinubu said his administration’s mission is more than just improve
economic and other statistics but a way of life.
He stressed the need to work harder to strengthen bonds of economic collaboration, social cohesion, and cultural understanding while developing a shared sense of fairness and equity.
He stated: “Our mission is to improve our way of life in a manner that nurtures our humanity, encourages compassion toward one another, and duly rewards our collective effort to resolve the social ills that seek to divide us.
“Our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding. Let us develop a shared sense of fairness and equity.
“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.”
Tinubu noted that in the coming days and weeks, his team will publicly detail key aspects of his government’s programme but announced a general overview, including that there will be no more petroleum subsidy as it was not provided for in the budgets he has seen.
He explained: “Today, permit me to outline in broad terms a few initiatives that define our concept of progressive good governance in furtherance of the Nigerian ideal: The principles that will guide our administration are simple: 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 to 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.
“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.
“On the economy, we target a higher GDP growth and to significantly reduce unemployment.
“We intend to accomplish this by taking the following steps: First, budgetary reform stimulating the economy without engendering inflation will be instituted.
“Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
“Third, 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 taxations and various anti-investment inhibitions.
“We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.
“My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.
“Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labor-intensive infrastructural improvements, encourage light industry, and provide improved social services for the poor, elderly, and vulnerable.
“Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. 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 minimize the perennial conflict over land and water resources in this sector.
“Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.
“We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail, and ports shall get priority attention.”
On 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. The 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.”
Tinubu also spoke on monetary policy, saying: “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.
“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.”
On foreign policy, President Tinubu noted that the crisis in Sudan and the turn from democracy by several nations in Nigeria’s immediate neighbourhood are of pressing concern.
He added: “As such, my primary foreign policy objective must be the peace and stability of the West African sub-region 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 lead the regional and continental quest for collective prosperity more actively.”
Tinubu further said that though the inauguration day was the proudest moment of his life, the day belonged to all Nigerians.
He urged citizens to join him in making a more perfect nation.
The President noted: “This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria.
“On this day, Nigeria affirms its rightful place among the world’s great democracies. There, Nigeria shall reside forever.
“The course of our past and the promise of the future have brought us to this exceptional moment.
“In this spirit, I ask you to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.
“With full confidence in our ability, I declare that these things are within our proximate reach because my name is Bola Ahmed Tinubu, and I am the President of the Federal Republic of Nigeria.
“May God bless you, and May He bless our beloved land.”
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