Tinubu slams Buhari: Your Naira swap policy too harsh for Nigerians

 

Emmanuel Thomas I Monday, May 29, 2023

 

ABUJA, Nigeria – President Bola Ahmed Tinubu today took a swipe at his predecessor, Muhammadu Buhari, describing his Naira swap policy as too harsh for Nigerians.

Tinubu who was delivering his inaugural speech said he will allow the old and new Naira notes to coexist, Nigeria being an unbanked economy, he said.

“The currency swap policy of the CBN was too harshly applied”, he said and charged the Central Bank of Nigeria to work towards a unified exchange rate, stressing that the “primary foreign policy objective must be the peace and stability of the West African sub-region and the African continent”.

“This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy. 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.”

Tinubu vowed that he will work with ECOWAS, the AU and willing partners in the international community to end existing conflict.

Tinubu who said he fought hard to win the February 15 general election begged Nigerians not to allow the opportunity for greater development of the country to slip away.

While stressing that the constitution and laws are the basis of Nigeria as a nation, he said there is the need to work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding.

“Let us develop a shared sense of fairness and equity. The South must not only seek good for itself but must understand that its interests are served when good comes to the North. The North must see the South likewise.

“Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people. As your president, I shall serve with prejudice toward none but compassion and amity towards all,” Mr Tinubu said.

He said in its over 60 years of history, Nigeria has endured hardships that would have made other societies crumble, but for its resilience and strength of its diversity, the country has remained intact.

“To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed. This handover symbolises our trust in God, our enduring faith in representative governance and our belief in our ability to reshape this nation into the society it was always meant to be.”

To advance the common vision of a better Nigeria, the president solicited the support of all Nigerians “to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality”.

Mr Tinubu explained that though he fought hard to win the February 2023 election, the win does not make him any more Nigerian than his opponents, who he pledged to relate to as compatriots.

“The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic. They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore,” he said.

He described the election that brought him to power as tough but fairly won, and dedicated his victory to the country with a promise to do his all to advance its progress.

“This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria,” he said. On the economy, Mr Tinubu said his administration would target a higher GDP growth and significantly reduce unemployment. He promised to offer budgetary reform to stimulate the economy without engendering inflation.

“Second, industrial policy will utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency. Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double, and transmission and distribution networks improved. We will encourage states to develop local sources as well various anti-investment inhibitions.

“We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home. Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence”

To tackle unemployment, Mr Tinubu reiterated the salience of creating “meaningful opportunities for our youth” as he pledged to honour his campaign commitment of one million new jobs in the digital economy.

“Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and improve social services for the poor, elderly and vulnerable.”