Tinubu sworn in, faces deep divisions, economic hurdles
By Story Agencies, May 30, 2023Nigeria’s President-elect Bola Ahmed Tinubu was sworn into office Monday, against the backdrop of a fractured nation, an ailing economy and spiralling insecurity.
The ceremony took place amid tight security at the 5,000-capacity Eagle Square venue in the capital, Abuja.
A national public holiday was declared and Nigerians without an invitation told to stay away from the ceremony. Opposition parties had disputed the results, and there were fears of unrest.
In his inaugural speech, Tinubu told Nigerians his swearing-in was a “sublime moment.”
“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,” said Tinubu, who becomes the sixteenth president of Nigeria.
Deep divisions
His inauguration is the culmination of a lifelong ambition to rule Nigeria but he faces huge challenges.
He won the elections with just 37 per cent of the votes – the lowest of any elected Nigerian president since the handover from military to democratic rule in 1999. And as his inauguration got underway, the hashtag #Tinubunotmypresident started to trend on social media.
Nigeria’s longstanding ethnic and religious divisions became even more polarized during February’s polls amid violence and as critics and election observers raised concerns about irregularities and alleged attempts to disenfranchise voters.
A legal challenge to the result, launched by his political rivals is ongoing. But Tinubu has said he would unite the nation and implored those who did not support him to rally behind his agenda.
“Those who didn’t support me, I ask that you not allow the disappointment of this moment to keep you from realizing the historic national progress we can make by working together,” he said in March.
Polarisation between rich and poor
Reviving the fortunes of Africa’s largest economy is a critical challenge that Tinubu must immediately tackle head-on, analysts say. Nigeria has debts of around $103 billion and faces unprecedented levels of inflation, high unemployment and a heavy reliance on dwindling oil revenues, which has led to an exodus of mostly young Nigerians in a brain drain crisis known locally as “japa,” or escape.
“The key to solving most of the major issues in Nigeria today… rest on him being able to kickstart Nigeria’s economy and improve the finances of the Nigerian state. This is needed to reduce Nigeria’s unsustainable debt burden,” said Remi Adekoya, a political analyst and associate lecturer at the UK’s York University.
Adekoya said Tinubu is “very pro-business,” which should attract much-needed foreign direct investment. “Foreign investors would see him as a welcome change from the business-sceptic former President Buhari. This could work in Nigeria’s favour,” he said.
Nigeria also faces a multitude of social problems, including inadequate access to education and healthcare systems, widespread poverty, and gender inequality, according to Rolake Filani-Akinkugbe, an analyst and the chief commercial officer of Mixta Africa. Tinubu must work to build the “political and social capital,” Filani-Akinkugbe said.
“There’s still huge polarization between the ultra-rich and super-poor. And in some ways successive governments have lost the social contracts of the majority of the population,” she said.
Hopes of millions
Nigeria has been plagued by insurgencies, banditry, and communal conflicts that pose significant threats to the nation. Confronting insecurity remains a paramount challenge for Tinubu’s administration. Under former President Buhari’s rule, kidnapping for ransom became a large criminal enterprise leaving Nigerians in parts of the country terrified of carrying out everyday activities. Tinubu is now commander-in-chief of the armed forces, but unlike many previous Nigerian rulers, has no military experience.