Before thousands of citizens and a dozen heads of government in the region, Bola Ahmed Tinubu was sworn in on Monday, May 29, as the new president of Nigeria for a period of four years. The leader assumes power at a time when Africa’s most populous country is engulfed in multiple crises marked by record debt, currency shortages, high inflation and widespread insecurity.
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Amid unprecedented challenges and between hope and skepticism, Bola Tinubu positioned himself as Nigeria’s new head of state.
“As president of the Federal Republic of Nigeria, I will carry out my duties to the best of my ability and in accordance with the Constitution,” the political leader said during his swearing in, in an open-air ceremony at Eagle Square in Abuja, the capital of the country.
Tinubu, 71, succeeds Muhammadu Buhari to lead a country in chaos, especially financially.
His government inherits record debt, foreign currency and fuel shortages, a weak currency, high inflation for almost two decades, scarce energy supplies and falling oil production due to crude theft and underinvestment. A situation that some critics point out, was fueled by protectionist policies and foreign currency interventions by the previous Administration.
Against this background, in the midst of his inauguration speech, the new ruler ratified his promise to expand the economy by at least 6% per year, eliminate investment barriers, create jobs and unify the exchange rate, while, at the same time, he assured , would address the growing insecurity in the nation.
“Regarding the economy, our goal is greater growth of the Gross Domestic Product and a significant reduction in unemployment,” he said, adding that this point will be achieved through a budget reform, boosting energy generation and improving food security.
Likewise, the former governor of the state of Lagos promised a “deep cleaning” of monetary policy, measures for the central bank to work towards a unified exchange rate and, starting next June, the elimination of a popular but expensive subsidy. to fuel.
“This will divert arbitration funds towards significant investment in plants, equipment and jobs that drive the real economy (…) I have a message for our investors, local and foreign: our Government will review all your complaints about multiple taxes and various inhibitions against the investment,” he announced.
In addition, among the greatest disagreements and problems for the inhabitants of Nigeria, generalized violence stands out.
Murders and kidnappings for ransom are especially rampant in the north-west of the country, while separatist and gang violence grips the south-east and clashes between farmers and herders persist in the hinterland states known as Nigeria’s Middle Belt.
Tinubu says he will address that challenge by reforming the security services with more staff and better training, as well as more equipment and higher wages.
“I reach out my hand across the political divide”
Tinubu takes on a divided country after his disputed victory is being challenged in court by his main opponents who denounced fraud and irregularities.
According to the country’s electoral authorities, Tinubu won the elections with 36% of the votes. However, these results were rejected by the main rivals in the race against the now president: Atiku Abubakar, of the Peoples’ Democratic Party (PDP), who received 29% of the vote, and Peter Obi, leader of the Labor Party ( PL), who came in third place with 25% of the votes.
“To my followers, I thank you. To those who voted differently, I extend my hand across the political divide. I ask you to take it in national affinity and brotherhood,” he said in his speech this Monday.
Beyond the past electoral results, the divisions are spread by social and political discontent. For many, the latest elections, which authorities promised would be the freest and fairest, ended in frustration when their hopes for change were dashed by the two parties that have dominated the country since the end of military rule in 1999.
Tinubu was the government’s candidate and is seen as a member of the political old guard.
With Reuters and AP
