The new Nigerian president, Bola Tinubu has promised to create one million digital jobs for Nigerians, especially the youths.
Tinubu who was sworn in on Monday after the expiration of eight years tenure of former president Muhammadu Buhari, also revealed that security will be his administration’s top priority.
Tinubu said his government shall create one million jobs in digital economy.
He added that his administration must create meaningful opportunities for youths.
He said “We shall honour our 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 provide improved social services for the poor, elderly and vulnerable.”
Speaking on his plan on security, the new president said his administration would reform Nigeria’s security architecture an make it his top priority, saying that neither prosperity nor justice can prevail amidst insecurity and violence.
He said “to effectively tackle this menace, we shall reform both our security doctrine and its architecture.
“We shall invest more in our security personnel, and this means more than an increase in number. We shall provide, better training, equipment, pay and firepower.”
On Subsidy, Tinubu said subsidy is gone forever, saying, the outgoing administration was phasing out the petrol subsidy regime which he said has increasingly favoured the rich more than the poor.
He declared “subsidy can no longer justify its ever-increasing costs in the wake of drying resources.’
“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.”
Speaking on domestic manufacturing, Tinubu said electricity will become more accessible.
According to him, on the economy, the government will target a higher GDP growth and to significantly reduce unemployment.
He said “We intend to accomplish this by taking the following steps:
“First, budgetary reform stimulating the economy without engendering inflation will be instituted.
“Second, industrial policy will utilize 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.
“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.
“We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.”
Tinubu also spoke on currency-swap policy, promising to review it.
Tinubu hinted that Nigeria’s monetary policy needs a thorough housecleaning.
He said “the Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”
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