Nigeria’s President-elect Bola Tinubu was sworn in on Monday. In his inaugural speech, he promised to expand the economy by at least 6% a year, lift barriers to investment, create jobs and unify the exchange rate, as well as fight rampant insecurity.
Bola Tinubu inherits a struggling economy with record debts, foreign currency and fuel shortages, a weak national currency, nearly two-decade-old inflation, scrawny energy supplies and plunging oil production due to oil theft and underinvestment.
Tinubu was sworn in at an open-air ceremony at Eagle Square in the capital Abuja. Former President Buhari, who attended the ceremony, left for his rural home in northern Katsina state.
“Our government must work with the National Assembly to create a comprehensive jobs and prosperity bill that will give our administration the political space to embark on improving labor-intensive infrastructure development,” Tinubu said in his speech.
The former governor of Lagos state also said a popular but expensive fuel subsidy would be eliminated under this year’s budget, which called for its removal from June.
He also promised a “complete housecleaning” of monetary policy, adding that the central bank must work towards a unified exchange rate.
Source: CNN Brasil
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