29 May (UPI) — On Monday, Bola Ahmed Tinubu was sworn in as Nigeria's 16th president, promising to address lingering issues including widespread corruption and revitalize the nation's economy.
As Nigeria's second term as president officially came to an end on Monday at 10:40 a.m. local time, Tinubu, the former governor of Lagos State, was sworn in at Eagle Square in the nation's capital, Abuja.
Sen. Kashim Shettima of Nigeria was also sworn in as vice president of the Federal Republic of Nigeria, marking the country's seventh democratic transfer of power in a row in the 24 years since its return to civilian rule in 1999.
In his inaugural address, 71-year-old Tinubu listed the hurdles he must overcome, including enormous economic and security concerns in the face of extreme inflation and record debt levels.A currency reform strategy that went into force earlier this year is also contributing to the nation's serious cash shortage.
"Don't feel sorry for me despite the fact that we are facing corruption, instability, and several challenges. I requested the job. I ran for office on it. No justifications. I'll do my best to live up to your expectations, he vowed.
One of the first things he said was that he supported the country's expensive fuel subsidy, which costs Nigeria more than $850 million per month to pay millions of households to offset excessive energy prices.
The Buhari administration made the decision to stop the subsidies, but in April postponed its execution out of concern about the kind of widespread upheaval that occurred ten years earlier when the subsidies were similarly slated for deletion.
However, Tinubu declared that he would move forward with the contentious proposals.
He declared, "The fuel subsidy is gone," and continued, "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."
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