The President, Bola Tinubu, has said his target is to increase the Gross Domestic Product growth of the country.
He also promised that unemployment would be significantly reduced under his administration.
Tinubu said that he would achieve these through budgetary reforms and boosting the real sector by encouraging local manufacturing among others.
He spoke after taking the oath-of-office in Abuja on Monday.
Tinubu said, “On the economy, we target higher GDP growth and to significantly reduce unemployment.
“We intend to accomplish this first, through budgetary reform stimulating the economy without engendering inflation will be instituted.
“Second, industrial policy will utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency,” he said.
He also promised that electricity would be accessible and affordable to businesses and homes across the country.
Tinubu enjoined state governments to develop local sources for power generation.
He said, “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.”
The President equally assured that his administration would tackle the issue of multiple taxation and other policies stifling investments in the country.
Tinubu stressed, “I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and the various anti-investment inhibitions.
“We shall ensure that investors and foreign businesses repatriate the hard-earned dividends and profits home,” he remarked further.
