• Tinubu Vows to Review Emefiele’s Naira Redesign Plan
• Biden Congratulates Tinubu, Calls for Stronger US-Nigeria Relations
• Labour Party Criticizes President Bola Tinubu’s Inaugural Speech as Shallow and Inconsistent
• King Charles Extends Congratulations to Tinubu, Hopes for Strengthened Friendship
• 28 Governors Sworn into Office

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss

Tinubu Vows to Review Emefiele’s Naira Redesign Plan

During his inaugural speech at Eagles Square in Abuja, Federal Capital Territory, President Bola Ahmed Tinubu expressed his intention to review the naira redesign policy implemented by the Central Bank of Nigeria (CBN). He highlighted the perceived harshness of the currency swap, particularly in its impact on the unbanked population of Nigeria.

“The policy shall be reviewed,” President Tinubu affirmed. “In the meantime, my administration will treat both currencies as legal tender.” This statement emphasizes his commitment to ensuring a fair and balanced approach during the review process.

President Tinubu further emphasized the need for a comprehensive assessment of Nigeria’s monetary policy, calling for a thorough housecleaning.

One of his key recommendations was establishing a unified exchange rate by the CBN. According to President Tinubu, this would redirect funds from speculative activities to productive investments in sectors such as manufacturing, infrastructure, and job creation.

Moreover, the president stressed the importance of reducing interest rates to stimulate increased investment and consumer spending, fostering sustainable economic growth. He emphasized the potential of lower interest rates to bolster the economy and empower individuals and businesses to contribute to its expansion.

Biden Congratulates Tinubu, Calls for Stronger US-Nigeria Relations

In a statement released on the White House website, US President Joe Biden extended his warm wishes to President Bola Tinubu and the people of Nigeria on the occasion of Tinubu’s inauguration. Recognizing the longstanding and robust ties between Nigeria and the United States, President Biden expressed his commitment to strengthening the bond between the two nations.

“My administration has worked to strengthen ties between the United States and Nigeria, and I look forward to continuing this work with President Tinubu to support economic growth, advance security, and promote respect for human rights,” President Biden stated. He emphasized the deep connections between the two countries, nurtured by the vibrant Nigerian Diaspora in the United States.

As the partnership between the US and Nigeria deepens, President Biden expressed his eagerness to tap into the ideas and energy stemming from this dynamic connection. With Nigeria being Africa’s largest democracy and economy, the success of Nigeria holds significance for the world as a whole.

President Biden underscored the importance of elected leaders demonstrating that democracy can effectively address the needs of its people. As a friend and partner, the United States remains committed to closely collaborating with Nigeria in order to create a more peaceful and prosperous future for the world.

Prior to the inauguration, President Biden sent a delegation led by the Honorable Marcia L. Fudge, Secretary of the United States Department of Housing and Urban Development, to attend the event. The delegation, comprising global dignitaries, participated in the inauguration ceremony at Eagle Square in Abuja, the capital of Nigeria.

Labour Party Criticizes President Bola Tinubu’s Inaugural Speech as Shallow and Inconsistent

The Labour Party (LP) has expressed disappointment with President Bola Tinubu’s inaugural speech, stating that it revealed the shallowness and policy incongruity of the ruling party’s intentions for Nigerians. President Tinubu was sworn in as the 16th democratically elected president of Nigeria on Monday at Eagle Square in Abuja.

In a statement, Obiora Ifoh, the LP national publicity secretary, criticized Tinubu’s assertion that he won the election fairly, considering it a disregard for the millions of Nigerians who cast their votes in good conscience but were deprived of their choice through the abuse of state institutions and acts of violence.

“The Labour Party is disappointed with the inaugural speech made by President Bola Ahmed Tinubu today, which clearly exposed the shallowness and policy incongruity that his administration, while it lasts, is hoping to bequeath Nigerians,” the statement reads.

The LP further highlighted the absence of celebration and enthusiasm in the streets, usually associated with such momentous events, attributing it to what they perceive as a celebration of falsehood and deceit.

The statement continued, “Listening to President Tinubu today, reading a speech believed to have been penned by his team, it became obvious that we are returning to the 2015 era where we had great expectations but without any means of achieving them.”

The LP, during their campaign, promised Nigerians a shift from a consumption-based economy to a production-focused one, presenting tangible strategies to achieve this goal. However, they expressed concern that President Tinubu’s speech indicated a regression to the unfulfilled promises of the past.

In conclusion, the LP called upon the Nigerian people to hold those in positions of authority accountable and not allow the government to jeopardize the nation’s destiny once again. They emphasized the need to learn from the past and prevent a worsening situation under the All Progressives Congress (APC) administration, urging the people to actively fulfill their role as the guardians of the nation.

King Charles Extends Congratulations to Tinubu, Hopes for Strengthened Friendship

King Charles III of the United Kingdom has conveyed his warmest congratulations to President Bola Tinubu and Vice President Kashim Shettima on their inauguration as the President and Vice President of the Federal Republic of Nigeria. In a statement released on Monday, the King expressed his best wishes to President Tinubu as he assumes the significant responsibilities of his office.

“As Commonwealth partners with a deep bond, I look forward to building an even stronger friendship between our countries during your Presidency,” the statement reads. King Charles emphasized the desire to foster a closer relationship between the United Kingdom and Nigeria, recognizing the historic ties that unite the two nations.

A UK delegation, led by Helen Grant, the Prime Minister’s Trade Envoy to Nigeria and Special Envoy on Girls’ Education, along with Richard Montgomery, the British High Commissioner to Nigeria, represented the monarch at the inauguration ceremony. Their presence symbolized the commitment of the United Kingdom to supporting Nigeria’s new administration.

Helen Grant expressed her priority to strengthen the bilateral trade and investment partnership between the two nations, aiming for mutual benefits. She also reaffirmed her dedication to advancing girls’ education, an important aspect of her Nigerian agenda.

Richard Montgomery echoed the sentiments, stating that the United Kingdom would collaborate with the new administration to promote a more prosperous and resilient Nigeria. He emphasized the UK’s commitment to supporting Nigeria in areas such as trade, development, and security, highlighting the shared objectives and interests between the two nations.

28 Governors Sworn into Office

Yesterday, a significant transition of leadership took place across various states in Nigeria as 28 governors, 18 of whom were newly elected, were sworn in.

These leaders will now take charge of their respective states, facing immediate challenges such as a debt crisis and post-election issues that require their immediate attention.

The newly elected governors include Alex Otti of Abia State, Umo Eno of Akwa Ibom State, Hyacinth Alia of Benue State, Bassey Otu of Cross River State, Sheriff Oborevwori of Delta State, Francis Nwifuru of Ebonyi State, Peter Mbah of Enugu State, Umar Namadi of Jigawa State, and Uba Sani of Kaduna State, among others. Each of these governors will bring their vision and plans to address the specific needs of their respective states.

In addition to the state governors, President Bola Tinubu also took the oath of office and allegiance as the 16th President of Nigeria in Abuja. During his inaugural address at Eagle Square, President Tinubu outlined a series of measures aimed at steering the country toward economic development, stability, and prosperity. These steps demonstrate his commitment to positioning Nigeria on a positive trajectory.

YNaija