ABUJA, May 29 (Xinhua) -- Nigeria's new leader Bola Ahmed Tinubu was sworn in Monday as the 16th president of the most populous African nation, after taking the oath of office at a ceremony in Abuja, the capital of Nigeria.

In his inaugural address, Tinubu, a former governor of the southwestern state of Lagos, outlined his vision and plans for Nigeria's progress, emphasizing the need for economic growth and the fight against terrorism and criminality, which has plagued the country in recent years.

"We shall work for economic growth of a gross domestic product not less than 6 percent," Tinubu said, vowing to work tirelessly to improve the lives of Nigerians and build a prosperous nation that would serve as a beacon of hope in Africa.

He also announced that fuel subsidy, which has long been a heavy burden on government revenue, has ended as the 2023 budget made no provision for such subsidy.

"The fuel subsidy is gone," the new president said, adding his government will instead channel funds into infrastructure and other areas to strengthen the economy.

Tinubu vowed to rid Nigeria of terrorism and criminality.

"Security shall be top of our administration," he said, adding that he will reform security architecture, and invest more in security personnel, providing them with better training and better equipment.

The 71-year-old veteran politician said he will also end extreme poverty, make food more abundant, ensure inclusion for women and youth and discourage corruption.

The inauguration ceremony at Eagle Square, in the heart of Abuja city, was witnessed by delegations of regional and world leaders and dignitaries.

Tinubu, a seasoned politician, emerged victorious in a keenly contested presidential election held in February.