President Bola Ahmed Tinubu has declared that his administration would treat both new and old naira notes as legal tender.
Tinubu made the declaration 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.
According to him, despite its intended merits, the controversial currency swap policy of the CBN “was too harshly applied “given the number of unbanked Nigerians”.
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Mr 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.”
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.
On the economy, President Tinubu said his administration would target a higher GDP growth and significantly reduce unemployment.
He promised to offer budgetary reform that would stimulate the economy without engendering inflation.
“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 his administration would review all complaints by investors about multiple taxation and “various anti-investment inhibitions.
“We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.”
President Tinubu said “security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence”
To tackle unemployment, Tinubu reiterated the salience of creating “meaningful opportunities for our youth”, as he pledged to honour his 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.”
