Month: May 2023

‘Fuel Subsidy Is Gone’, President Tinubu Declares In Inaugural Speech

The 16th president of the Federal Republic of Nigeria, Bola Ahmed Tinubu has declared in his inaugural speech that he would remove fuel subsidy, review his predecessor’s Naira redesign policy.

He made this statement at the inauguration ceremony to become Nigerian’s 16th president at Eagle square in Abuja.

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See the full text of President Tinubu Inaugural speech below…

Distinguished Citizens,

I am honored to accept the important mission you have given me as I stand before you. My passion for my country will never fade. I have complete faith in its people. And I have unwavering faith in the Almighty. In those situations where we appear to have reached the limits of our human capacity, I am confident that His hand will supply the necessary moral fortitude and direction.

The same way that our priceless country is brave, beautiful, bright, and full of spirit, so is this day.

We have long since made the decision as a country to advance through the darkness of night and into the bright day of rekindled national optimism.

We must now decide whether to stick to the work required to create a better society or to hide in the shadows of our untapped potential.

I can think of only one solution. We are too strong a country and too firmly rooted as a people to deprive ourselves of our greatest potential.

Millions of people have prayed for this country, and our collective sacrifices have influenced its journey.

We have faced challenges that might have caused other societies to disintegrate.

The hope of a brighter future, however, merges with our enhanced ability to shape that future at this SUBLIME moment because we have carried the great load to get there.

We have more solidly established this country as a democracy in both word and deed, surprising many but not ourselves.

Our political heritage today emphasizes a smooth transition from one government to another. This transfer of power is a representation of our faith in God, our steadfast belief in representative government, and our confidence in our ability to remake this country into the kind of society it was always meant to be.

Permit me to now address President Muhammadu Buhari, my predecessor. You have been a trustworthy, patriotic leader who has done your best for the country you adore, Mr. President. You are a deserving friend and partner, to put it more personally. I hope History treats you well.

President Tinubu Inaugural Speech

Critics of Nigeria have been spreading the myth that our country will disintegrate or possibly perish for many years.

However, here we are. We have made mistakes along the way, but our tenacity and diversity have seen us through.

Sometimes our burdens may cause us to stoop, but they will not ever cause us to fall.

As the most populous country in Africa, the Black Race’s best hope, and its most steadfast defender, we stand out instead.

As citizens, we therefore vow that Nigeria shall endure so long as this earth endures, as one unified people committed to one undivided national cause.

The torch of human growth is now in our hands as Fate and Destiny come together. We cannot allow it to slip.

We raise this flame aloft in order for it to shine on every home and in every heart that claims to be Nigerian. We raise this beam because it illuminates our way with kindness, unity, and peace. May this brilliant light never go out.

Although we will rule on your behalf, we will never be in charge of you. We will talk and consult, but we will never give orders. We will be inclusive of everyone and never disparage someone for possessing opinions that differ from our own.

This nation needs to be further repaired and healed, not torn apart and damaged.

In keeping with this, allow me to make a few observations about the election that led to this point. It was a competitive battle. Additionally, it was won fairly. Nigeria has not held an election of higher caliber since the establishment of the Fourth Republic.

The result reflected the people’s wishes. However, despite winning, I am no more a Nigerian than my rivals. They are not any less patriotic as a result.

They will always be considered my fellow citizens. And I shall treat them accordingly. They stand for significant constituencies and issues that wisdom would be foolish to dismiss.

They have brought legal action on their behalf. They have the right to seek legal remedies, and I fully support them in exercising this right. The foundation of the rule of law is this.

Our founding ancestors valiantly sacrificed themselves more than 60 years ago to establish Nigeria as an independent country.

The work done by those who came before us must never wither, but must instead blossom and give birth to a better world.

Let us move forward with the mission they started and believed in.

Let us renew our commitment to making Nigeria, regardless of creed, ethnicity, or place of origin, the indispensable home for each and every one of us.

Thank you to all of my fans. I reach out across the aisle to folks who cast different ballots. I beg you to understand it in terms of brotherhood and national connection. Political overtones have vanished in my opinion. Nigerians are all I can see.

May we sustain these excellent ideas as the new Nigerian standard.

My fellow citizens,

The Nigerian ideal I am referring to is more comprehensive than only an increase in economic and other statistics. Although these items are significant, they can never fully communicate our story.

Our goal is to make changes to our way of life that foster our humanity, promote kindness toward one another, and appropriately honor our group’s efforts to address the social issues that seek to divide us.

We have a nation on paper thanks to our constitution and laws. By deepening the ties of economic cooperation, social solidarity, and cultural understanding, we must work harder to bring these beautiful documents to life. Let us cultivate a spirit of justice and equity among us.

The South must recognize that good for the North advances its own interests in addition to seeking good for itself. The South must be seen similarly by the North.

You are all my people, whether you come from the twisting creeks of the Niger Delta, the wide northern savannah, the boardrooms of Lagos, the humming capital of Abuja, or the bustling markets of Onitsha. As your president, I will act impartially toward everyone and with compassion for everyone.

My team will make critical details of our initiative public in the days and weeks to come. Today, allow me to briefly describe a few programs that embody our vision of progressive good governance in support of the Nigerian ideal:

The simple guiding ideas for our administration are as follows:

1. Nigeria will be impartially administered in accordance with the law and the constitution.

2. We will protect the country from terrorism and all other types of criminal activity that put the peace and stability of both our nation and our area in danger.

3. We will restructure our economy to promote growth and development by generating jobs, ensuring food security, and putting an end to severe poverty.

4. Women and young people will take center stage in our administration.

5. To deter corruption and increase the efficacy and efficiency of the various anti-corruption institutions, our administration will continue to adopt proactive measures such promoting a credit culture.

SECURITY

Our administration’s main goal must be security because, in an environment of instability and violence, neither prosperity nor justice can triumph.

Both our security DOCTRINE and its ARCHITECTURE will need to be changed if we are to effectively combat this threat.

In order to enhance our investment in security professionals, we must do more than simply hire additional people. We will offer greater instruction, gear, salary, and firepower.

OUR ECONOMY

In terms of the economy, our goals are to drastically lower unemployment and increase GDP growth.

The following actions are what we plan to take to achieve this:

First, there will be a budgetary reform that stimulates the economy without causing inflation.

Second, industrial policy would make use of all available fiscal tools to support domestic manufacturing and reduce reliance on imports.

Third, both homes and businesses will be able to obtain and afford electricity. Networks for transmission and distribution should be strengthened, and power generation should nearly double. States will be urged to create local sources as well.

I want to let both domestic and foreign investors know that our government would look into all of their grievances regarding excessive taxation and other investment-inhibiting measures.

We will make sure that international corporations and investors return their hard-earned dividends and profits to their native countries.

JOBS

My administration must provide our youth with worthwhile opportunities. We will keep our promise from the campaign to create a million new employment in the digital sector.

Additionally, our government will collaborate with the National Assembly to draft a comprehensive Jobs and Prosperity measure. This legislation would grant our administration the freedom to pursue labor-intensive infrastructure upgrades, support light industry, and enhance social services for the underprivileged, old, and vulnerable.

Agriculture

Commodity exchange boards must guarantee minimum prices for specific crops and animal products in order to protect rural incomes. There will be a national program for storage and other facilities to cut waste and spoiling.

To boost production and engage in value-added processing, agricultural centers will be established across the country. The livestock industry will be made aware of the best contemporary techniques and the measures taken to lessen the industry’s ongoing disputes over land and water resources.

These steps will increase food availability while lowering its price. Farmers would make more money while paying less on average in Nigeria.

More on President Tinubu Inaugural Speech

INFRASTRUCTURE

The Buhari administration’s work on infrastructure will continue. Priority should be given to developments in the national rail, road, and port networks.

FUEL SUBSTANCE

We applaud the outgoing administration’s decision to phase out the fuel subsidy system, which has progressively favored the wealthy over the poor. In the context of depleting resources, subsidies can no longer be used to justify their ever-rising prices. Instead, we will reinvest the money in better public infrastructure, healthcare, education, and employment opportunities that will significantly better millions of people’s lives.

FINANCIAL POLITICS

A comprehensive spring cleaning is required for monetary policy. To achieve a single exchange rate, the Central Bank must work. As a result, money will be diverted from arbitrage into significant investments in the machinery, tools, and employment that drive the actual economy.

To promote consumer spending and investment in ways that support the economy at a greater level, interest rates must be decreased.

Despite any conceptual virtues, considering the number of unbanked Nigerians, the CBN overly implemented the currency swap. A review of the policy is required. My administration will treat both currencies as legal money in the interim.

INTERNAL POLICY

Please allow me to make a few foreign policy thoughts given the world we live in.

It is urgently concerning that some countries in our near neighborhood have turned away from democracy and the catastrophe in Sudan.

The peace and security of the African continent and the West African subregion must thus be my top priority in terms of foreign policy. To put an end to ongoing crises and prevent new ones, we will collaborate with ECOWAS, the AU, and other willing partners in the international community.

We will restructure our foreign policy to more actively lead the regional and continental search for collective prosperity while we contain challenges to peace.

Also see: Bola Tinubu inaugurated as Nigeria’s 16th president.

Conclusion

The proudest day of my life is right now. However, I do not own this day. You, the Nigerian people, are the rightful owners.

Nigeria proclaims on this day that it belongs among the major democracies of the globe. Nigeria will live there forever.

We have arrived at this unique time thanks to the progression of our past and the promise of the future.

So that the Nigerian ideal turns into and always stays the Nigerian reality, I want you to work with me to make Nigeria a more ideal country and democracy.

Because I am the President of the Federal Republic of Nigeria and I go by the name Bola Ahmed Tinubu, I can confidently state that these things are within our immediate reach.

Godspeed, and may He also bless our cherished country.

That is the latest Naija News today on President Tinubu inaugural Speech