LAGOS, Nigeria

Nigeria's President Bola Tinubu on Monday pledged to revive the country's ailing economy, and energy sector and tackle poverty in his first speech after being sworn into office at Eagle Square avenue in the capital Abuja.

"We will implement budgetary reforms in order to stimulate the economy without causing inflation. We will reduce dependency," Tinibu pledged in his inaugural address after becoming 16th president of Africa's largest democracy.

Nearly 5,000 people attended the ceremony, including presidents, heads of state and governments, ministers, diplomats, and officials from friendly countries.

The 71-year-old leader, in the speech broadcast live on local television, promised to combat poverty, create jobs, especially for young people, and engage more women in government.

Concerning security, the new president announced plans to review security architecture, purchase more weapons and military hardware, and improve the welfare of security personnel.

"We can't have prosperity and development in a state where there is violence," he said.

Despite the numerous challenges and predictions by critics, he believes the country will remain strong and united.

Nigeria is plagued by inflation, high unemployment, and insecurity, which includes terrorism, banditry, kidnapping, political violence, agitation by separatists, and threats of disintegration.

The tensions and divisions have been exacerbated by the Feb. 25 presidential elections, after opposition parties refused to accept the results and challenged Tinubu's victory in court.

Tinubu, on the other hand, insisted that the election was the most credible since the country returned to civil rule in 1999. He said that he will not "pull down" his political opponents or critics during his four-year term.

He also praised his predecessor Muhammadi Buhari's honesty and patriotism during his speech.

Nigeria gained independence from British colonialists on Oct. 1, 1960. However, May 29 became the day for the inauguration of a new government and government calendar, as it was the date the military junta returned the nation to democracy and handed over power to civilians after three decades.