President Tinubu, at Inauguration, Says: Subsidy is Dead, Unified Exchange Rate Back!

By Damola Emmanuel

President Bola Ahmed Tinubu began his four-year tenure, with high tenor and pitch, Monday, promising the restoration of hope for Nigerians, signaling that he would take the bull by the horn; making bold decisions.
In a manner that seems to confirm his determination to hit the ground running, President Tinubu declared categorically that the era of fuel subsidy is gone forever. That era, he said, had reached its apogee in the face of drying resources. “No room for fuel subsidy,” he declared.
Tinubu also sounded the death knell to the controversial policy of differential and corruption-ridden foreign exchange rates, declaring the birth of “unified foreign exchange rate.”
FOREX is too high, he continued. And interest rate must crash, maintaining that necessary conditions would be created to make businesses prosperous. To execute anti-investment policies would be tantamount to being anti-people.
On corruption, President Tinubu reassured his compatriots that his government will not only continue to take proactive measures to tame corrupt tendencies in all their ramifications but will also deploy every arsenal in the government’s armory to exorcise the cancer from the nation’s system.
He promised to deliver at least one million young people will be employed in the digital economy, among other things.
On agriculture, the President reiterated his government’s resolve to bring back commodity boards, and by extension, efficient post-harvest policy that would curb waste of farm produce in and out of season.
He also talked on the vexed issue of security, affirming that the security of all Nigerians was his primary concern. Therefore, he would deploy all necessary government assets to keep Nigeria and Nigerians safe. There would be improved welfare and intensive training for members of Nigeria’s armed forces, while badly needed equipment would be provided for troops. “We shall defend the nation against terror,” he pledged.
On governance, the new President said Nigeria shall be impartially governed and his administration shall be open to all voices. Also, there would be no compromise on the rule of law and constitutionalism as sovereignty belongs to the people.
The new President paid glowing tribute to his predecessor, ex-President Muhammadu Buhari, saying that he bequeathed worth legacies. Chief among them, he noted, was delivering good election and a seamless transition of power to Nigerians. “Since the First Republic, Nigeria has never witnessed any election better than this,” Tinubu enthused.
Like he has been harping in the last couple of days, the President told Buhari that whether the former President elects to live in Daura or Niger, he (Tinubu) will always rap his door any time the occasion demands.
Though he insisted that he won the last election fair and square, Tinubu nonetheless extended the olive branch to his opponents and beckoned them to cooperate with his government in fixing the country.
Quoting General Yakubu Gowon’s post-war slogan, “To keep Nigeria is a task that must be done,” President Tinubu said the unity of Nigeria shall not be compromised, and should be the primary concern of all. “We shall reach out to all but will never put down anybody holding views contrary to our own,” he assured.
Still on unity, he urged all citizens to commit themselves to placing Nigeria at the centre of their hearts, making the country irreplaceable in all their considerations.
Tinubu reiterated that the mandate Nigerians gave him was not misplaced, he rubbished fears in some quarters that Nigeria may be obliterated from the world map as a result of the monstrous secessionist tendencies threatening its corporate existence.
“As long as the world exists, Nigeria will exist,” President Tinubu said.
“Hope is back for Nigeria. Let us be united.”