President Bola Ahmed Tinubu says there is a pressing need for a comprehensive restructuring of monetary policy, explaining that the Central Bank must focus on establishing a unified exchange rate.
At his inaugural speech at Eagle Square, Abuja, after taking the oath of office, he said the currency swap, despite its intended benefits, its implementation by the CBN was deemed too stringent, particularly considering the significant number of unbanked individuals in the country.
He promised a thorough review of the policy, adding that his administration would recognize both currencies as legal tender.
Tinubu applauds the outgoing administration for gradually eliminating the petrol subsidy system, which he said has disproportionately benefited the wealthy rather than the underprivileged.
As resources become scarcer, according to the President, the rising costs of subsidies can no longer be justified.
“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.”
Oath of office
The Chief Justice of Nigeria, Olukayode Ariwoola, administered the oath of office to Asiwaju Bola Ahmed Tinubu and Kashim Shettima, making them the 16th president and vice president of Nigeria.
Dignitaries, government officials, and guests from across the West African subregion witnessed the event.
The national and defence flags were lowered, symbolizing the conclusion of the previous administration, and handed over to former President Muhamadu Buhari.
Chief of Defence Staff, LEO Irabor, presented the flags to Buhari.
In a significant gesture, new flags, representing the nation and defence, were raised, marking the beginning of a new administration.
After, ex-President Buhari waved at guests as he entered his car, to depart from the inauguration venue.
His immediate destination is the Nnamdi Azikiwe International Airport in Abuja, as he embarks on his journey to Daura, Katsina State.
Celebration of democracy and the peaceful transition of power.
The ceremony is a celebration of democracy and the peaceful transition of power.
As the day approaches, the excitement and anticipation continue to grow, reflecting the nation’s collective hope for a brighter future under the new administration.
The Independent National Electoral Commission (INEC) officially announced Tinubu, as the winner of the presidential election held on February 25th.
Tinubu secured a total of 8,794,726 votes, surpassing the 25% threshold in more than 25 states.
Reporting by Muzha Kucha, Abdullahi Lamino and Saadatu Albashir