Federal Government

THE NIGERIAN IDEAL

My Fellow Citizens,

I stand before you honoured to assume the sacred mandate you have given me. My love for this nation is abiding. My confidence in its people, unwavering. And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity.

This day is bold and majestic yet bright and full of spirit, as is our precious nation.

As a nation, we have long ago decided to march beyond the dimness of night into the open day of renewed national hope.

The question we now ask ourselves is whether to remain faithful to the work inherent in building a better society or retreat into the shadows of our unmet potential.

For me, there is but one answer. We are too great a nation and too grounded as a people to rob ourselves of our finest destiny.

This nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.

We have endured hardships that would have made other societies crumble.

Yet, we have shouldered the heavy burden to arrive at this SUBLIME moment where the prospect of a better future merges with our improved capacity to create that future.

To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.

The peaceful transition from one government to another is now our political tradition. This handover symbolizes 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.

Here, permit me to say a few words to my predecessor, President Muhammadu Buhari. Mr President, you have been an honest, patriotic leader who has done his best for the nation you love. On a more personal note, you are a worthy partner and friend. May History be kind to you.

For many years, Nigeria’s critics have trafficked the rumour that our nation will break apart, even perish.

Yet here we are. We have stumbled at times, but our resilience and diversity have kept us going.

Our burdens may make us bend at times, but they shall never break us.

Instead, we stand forth as Africa’s most populous nation and as the best hope and strongest champion of the Black Race.

As citizens, we declare as one unified people devoted to one unified national cause, that as long as this world exists, NIGERIA SHALL EXIST.

Today, Fate and Destiny join together to place the torch of human progress in our very hands. We dare not let it slip.

We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never EXTINGUISH.

Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

We are here to further mend and heal this nation, not tear and injure it.

In this vein, may I offer a few comments regarding the election that brought us to this juncture. It was a hard fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.

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.

They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law.

Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.

We must never allow the labor of those who came before us to wither in vain but to blossom and bring forth a better reality.

Let us take the next great step in the journey they began and believed in.

Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.

My supporters, I thank you. To those who voted otherwise, I extend my hand across the political divide. I ask you to grasp it in national affinity and brotherhood. For me, political coloration has faded away. All I see are Nigerians.

May we uphold these fitting and excellent notions as the new Nigerian ideal.

My fellow compatriots,

The Nigerian ideal which I speak of is more than just an improvement in economic and other statistics. These things are important; but they can never convey the fullness of our story.

Our mission is to improve our way of life in a manner that nurtures our humanity, encourages compassion toward one another, and duly rewards our collective effort to resolve the social ills that seek to divide us.

Our constitution and laws give us a nation on paper. We must 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.

In the coming days and weeks, my team will publicly detail key aspects of our programme. Today, permit me to outline in broad terms a few initiatives that define our concept of progressive good governance in furtherance of the Nigerian ideal:

The principles that will guide our administration are simple:

1. Nigeria will be impartially governed according to the constitution and the rule of law.

2. We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our subregion.

3. We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.

4. In our administration, Women and youth will feature prominently.

5. Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.

SECURITY

Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence.

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.

THE ECONOMY

On the economy, we target a higher GDP growth and to significantly reduce unemployment.

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.

JOBS

My administration must create meaningful opportunities for our youth. 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.

Agriculture

Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken.

Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing. The livestock sector will be introduced to best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.

Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.

INFRASTRUCTURE

We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail and ports shall get priority attention.

FUEL SUBSIDY

We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. 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.

MONETARY POLICY

Monetary policy needs thorough housecleaning. 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.

FOREIGN POLICY

Given the world in which we reside, please permit a few comments regarding foreign policy.

The crisis in Sudan and the turn from democracy by several nations in our immediate neighbourhood are of pressing concern.

As such, my primary foreign policy objective must be the peace and stability of the West African subregion and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.

As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity.

Conclusion

This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria.

On this day, Nigeria affirms its rightful place among the world’s great democracies. There, Nigeria shall reside forever.

The course of our past and the promise of the future have brought us to this exceptional moment.

In this spirit, I ask you to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.

With full confidence in our ability, I declare that these things are within our proximate reach because my name is Bola Ahmed Tinubu, and I am the President of the Federal Republic of Nigeria.

May God bless you and May He bless our beloved land.

Victory…

Kogi, Kaduna and Zamfara States lead the way, as Supreme Court Decides Implementation of Naira Redesign Policy

The Nigerian Supreme Court delivered a landmark judgment on March 3rd, 2023 on the Federal Government’s naira redesign policy, bringing an end to a sharp but serious legal skirmish between some state governments led by the trio of Kogi, Kaduna and Zamfara and the federal government of Nigeria on the controversial implementation of the Naira Redesign policy by the later.

In a nutshell, the apex court nullified the policy and declared it an affront to the 1999 Constitution. The Court also ordered that the old N200, N500, and N1,000 notes should remain in circulation until the 23rd of December, 2023.

It would be recalled that the naira redesign policy was announced by the Central Bank of Nigeria (CBN) to take control of the naira in circulation, manage inflation, combat counterfeiting, and ransom payment. However, the acute scarcity of the new notes made the deadline unfeasible, prompting the bank, with the approval of President Muhammadu Buhari, to extend the legal tender status of the old notes until 10 February.

Three state governments (Kaduna, Kogi, and Zamfara) sued the federal government at the Supreme Court for a reversal of the policy on 3 February, citing the hardship the continued scarcity of naira notes brought to their people. The number of plaintiffs rose to 16 after six new states were added to the three initial plaintiffs during the hearing of the case on 22 February, three days to the national elections held on 25 February.

The biting cash crunch featured as a major issue in the lead-up to the elections, with many fearing that it could derail the process. The National Assembly asked the CBN to extend the deadline for acceptance of the old naira notes by six months, but the apex bank only extended it by ten days, citing that the deadline was not going to be extended further.

While the CBN’s redesign of the banknotes was done with the best of intentions, it was met with opposition from Nigeria’s finance minister, Zainab Ahmed, and APC presidential candidate, Mr Tinubu, who said during his campaigns that the policy was orchestrated to ensure his defeat in the election. The World Bank, IMF, and other international development agencies also advised the federal government to avoid implementing such a heavily disruptive policy with such haste, but all entreaties were ignored.

The Supreme Court’s interim order suspended the implementation of the deadline set by the federal government and directed that the old and new notes should continue to circulate. However, the CBN insisted that the old notes had stopped being legal tender after the 8 February deadline, while the scarcity of the new notes persisted. The stage was set for an epic battle at the Supreme Court.

In its judgment, the Supreme Court declared that the demonetization policy of the Federal Government was inconsistent with the CBN Act. It also declared that the President cannot make a unilateral policy without carrying the Plaintiffs along and that in issuing the policy, the President was under an obligation to carry the National Council of States along. The Court further stated that the policy had impeded the functions of state governments and that the directive of the President was illegal.

The Nigerian apex court’s decision has provided critical clarity on the legality of the naira redesign policy and its implementation. The decision by the three state governments to take the matter to the Supreme Court was a bold move and has certainly expanded the constitutional liberties of present and future Nigerians.

The judgment is a clear indication that executive powers must be exercised in accordance with the law and the constitution. It is hoped that this decision will set a precedent for future cases and will ensure that the rule of law is upheld in Nigeria.

Click on the images below to view the PDF version of the Supreme Court judgement on the Naira redesign policy.