President Bola Tinubu has outlined a seven-point agenda of his administration which took effect as from yesterday when he and the vice president, Kashim Shettima were sworn in at Eagle Square, Abuja.
In his inauguration speech entitled ‘The new Nigeria deal’ the president reeled out the agenda to include security, economy, jobs, agriculture, infrastructure, fuel subsidy, monetary policy and foreign policy.
On security, the president saidneither prosperity nor justice can prevail amidst insecurity and violence hence the resolve to “effectively tackle this menace…reform both our security doctrine and its architecture.”
He said the government will invest more in security personnel and provide better training, equipment, pay and firepower.
To grow the economy, the president said president also said the government will target a higher GDP growth to significantly reduce unemployment.
He said a three-pronged approach will be adopted to achieve that.
“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,” he said.
The goody bag also contains something for the both the local and foreign investors as the president declared: “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.”
On jobs, Tinubu said: “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 labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable.”
On agriculture, the president said rural incomes will be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products.
He guaranteed the farmers that 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 best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector,” he added.
He expressed the hope that the measures will make food “more abundant yet less costly” and “farmers shall earn more while the average Nigerian pays less.”
The president also spoke on infrastructure saying “We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail and ports shall get priority attention.
Fuel subsidy
On the touchy issue of fuel subsidy, Tinubu commended the decision of the outgoing administration in phasing out the petrol subsidy regime which, according to him, 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,” he declared
Monetary policy
The president also spoke on monetary policy, saying it “needs thorough housecleaning.”
He directed the Central Bank to work towards a unified exchange rate so as to “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,” he added.
On foreign policy, Tinubu said the West African sub-region and the African continent as a whole would be the centrepiece of his administration’s foreign policy.
“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 to resolve new ones.
“As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity,” he stated.
