Bola Ahmed Tinubu Sworn In As Nigeria's President; Vowed To Expand Economy

Bola Ahmed Tinubu was sworn in as Nigeria's president on Monday at a ceremony in the capital Abuja, under the cloud of a disputed election and under pressure to quickly improve economic and security conditions.

Tinubu vowed to expand the economy by at least 6% a year, lift barriers to investment, create jobs and unify the exchange rate, while also tackling rampant insecurity.

Tinubu inherits a struggling economy with record debt, shortages of foreign exchange and fuel, a weak naira currency, nearly two-decades-high inflation, skeletal power supplies and falling oil production due to crude theft and underinvestment.

"On the economy, we target a higher GDP growth and to significantly reduce unemployment," he said, adding that this would be achieved through budgetary reform, boosting power generation and improving food security.

"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."

Tinubu took his oath in an open-air ceremony in the capital's Eagle's Square. Buhari departed to his rural home in northern Katsina state afterwards.

The former Lagos state governor and member of Buhari's party said a popular but costly fuel subsidy would be gone in line with this year's budget that set its removal from June.

He also promised "thorough house cleaning" of monetary policy, adding that the central bank should work towards a unified exchange rate.

"This will direct funds away from arbitrage into meaningful investment in the plants, equipment and jobs that power the real economy," he said.

Credit: US News/ Reuters