In the Name of Allah, the Most Gracious, the Most Merciful.
Here Allah points out something lower by referring to something higher. When He commands His servant and Messenger to do this, He is also commanding those who are lower than him, and the command is addressed to them more so. Talq bin Habib said: "Taqwa means obeying Allah in the light of the guidance of Allah and in hope of earning the reward of Allah, and refraining from disobeying Allah in the light of the guidance of Allah and fearing the punishment of Allah."
(and obey not the disbelievers and the hypocrites.) means, do not listen to what they say and do not consult them.
(Verily, Allah is Ever All-Knower, All-Wise) means, He is more deserving of your following His commandments and obeying Him, for He knows the consequences of all things and is Wise in all that He says and does. Allah says:
(And follow that which is revealed to you from your Lord.) meaning, of the Qur'an and Sunnah.
(Verily, Allah is Well-Acquainted with what you do.) means, nothing at all is hidden from Him, and put your trust in Allah, i.e., in all your affairs and situations.
(and sufficient is Allah as a Wakil.) means, sufficient is He as a Trustee for the one who puts his trust in Him and turns to Him.