Nigerian then-President-elect Bola Ahmed Tinubu is shown arriving to cast his vote at a polling unit in Lagos on March 18. He was inaugurated Monday promising to tackle the nation’s many economic problems. File Photo by Akintunde Akinleye/EPA-EFE

Nigerian Sen. Kashim Shettima was similarly sworn in as vice president of the Federal Republic of Nigeria, which saw the seventh consecutive democratic transition of power in the 24 years following its return to civilian administration in 1999.

In his inaugural speech, Tinubu, 71, noted the tasks he faces, including daunting economic and security challenges amid severe inflation and record debt levels.

The country is also struggling with a severe cash crunch as a result of a currency reform policy that took effect earlier this year.

“We have corruption, insecurity, and many problems confronting us… but don’t pity me. I asked for the job. I campaigned for it. No excuses. I will live up to expectation, I promise you,” he said.

Among the first things he announced was his support for the planned rollback of the country’s costly fuel subsidy, under which Nigeria spends more than $850 million each month on payments to millions of households to deal with high energy prices.

The Buhari government decided to halt the subsidies, but in April delayed implementation of the plan, fearing the kind of mass protests and unrest that happened a decade ago when the subsidies were similarly targeted for elimination.

Tinubu, however, said he will proceed with the controversial plans.

“The fuel subsidy is gone,” he said, adding, “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.”