President Tinubu Unveils Economic Policies, Far-reaching Reforms
President Bola Ahmed Tinubu has said that his administration would target a higher Gross Domestic Product (GDP) growth and significantly reduce unemployment.
This was as he particularly commended the action of the former President Muhammadu Buhari administration to phase out fuel subsidy which he said would save the country at a time of drying resources.
The new president said his administration 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, who have hindsight into his administration’s policy framework in his inaugural speech shortly after taking his oath of office at the Eagle Square in Abuja on Monday, promised to offer budgetary reform that would stimulate the economy without engendering inflation.
He also assured that his industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency, adding that electricity will become more accessible and affordable to businesses and homes alike.
He said; “Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well”.
The new president said his administration would review all complaints by investors about multiple taxation and various anti-investment inhibitions, adding that his administration shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.
In the words of Tinubu; “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”, thus, pledged to honour his campaign commitment of one million new jobs in the digital economy.
He further said; “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”.
Tinubu said Nigeria’s monetary policy needs thorough housecleaning as he charged the Central Bank of Nigeria (CBN), to work towards a unified exchange rate.
“He said; “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 its intended merits, the controversial currency swap policy of the CBN “was too harshly applied” given the number of unbanked Nigerians”.
The President also said that his primary foreign policy objective must be the peace and stability of the West African sub-region and the African continent and assured to work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.
