President Bola Ahmed-Tinubu has commended the action of the Buhari administration to phase out fuel subsidy which he said would save the country at a time of drying resources.
Tinubu made the commendation during his inaugural address after taking the oaths of office and allegiance administered by the Chief Justice of Nigeria, Justice Kayode Ariwoola, at the Eagles Square, Abuja.
He said: “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.”
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Tinubu said Nigeria’s monetary policy needs thorough housecleaning as he charged the Central Bank of Nigeria to 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.”
Tinubu said his administration would treat both new and old naira notes as legal tender, saying despite it’s intended merits, the controversial currency swap policy of the CBN “was too harshly applied” given the number of unbanked Nigerians”.
The President said his “primary foreign policy objective must be the peace and stability of the West African subregion and the African continent,” promising to work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.
The swearing-in ceremony was attended by many presidents, prime ministers and other world leaders and diplomats.
Also in attendance were former Head of State General Yakubu Gowon, former President Goodluck Jonathan, Senate President Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, serving and former governors, traditional.
