Finance Minister Wale Edun admits that President Tinubu’s administration inherited a deteriorating economy with high unemployment and a 24% inflation rate.
The Federal Government commits to not borrowing, focusing on creating a conducive investment environment and job creation.
In a recent press briefing, Finance Minister Wale Edun openly admitted that President Bola Tinubu’s administration inherited a faltering economy, characterized by an alarming unemployment rate and soaring inflation.
Despite challenges, the Federal Government (FG) assures Nigerians it won’t borrow to fix this, but will prioritize transparency, honesty, and accountability.
A Daunting Economic Landscape
During the inaugural Federal Executive Council (FEC) meeting chaired by President Tinubu at the Council Chamber, Presidential Villa, Abuja, Edun revealed that the administration encountered an economy with a 24% inflation rate and a continuously declining per capita.
Key Economic Indicators
When pressed to elucidate on the state of the economy inherited, Edun elaborated, “The per capita has been on a downward trend, inflation stands at 24%, there is a high level of unemployment, and the method of its calculation is being revised.
Regardless of the calculation method, it is exorbitantly high, and youth unemployment is even more intolerably high; these are the critical indicators we are faced with.”
He further specified, “We inherited a deteriorating economy, but Mr. President has pledged to improve it.”
No Room for Borrowing
Edun also emphasized that the Federal Government is not in a position to borrow money currently.
Instead, the aim is to create a favorable macroeconomic environment for local and foreign investment, fostering higher production.
A Call for Job Creation
Trade and Investment Minister Dr. Doris Anite mentioned that the President is tasked with creating 50 million jobs.
Furthermore, President Tinubu directs the cabinet to strategize economic revitalization and citizen relief.
During the council meeting, the “Roadmap for the Economy,” presented by the Finance Minister and Coordinating Minister for the Economy, was discussed.
Edun shared that the council concurred that the economy is not where it should be and identified eight priority areas and targets to be achieved in the subsequent three years.
He confirmed President Tinubu’s directive for ministers to implement economy-reviving policies and programs.
A Glimmer of Hope
It is worth noting that Senator Adams Oshiomhole, former Governor of Edo State, had previously indicated that the Tinubu administration inherited a dire economic situation.
He noted that certain choices of the present government mark initial strides in economic rebound.
The current leadership tackles crucial missions: diminishing national debt, tackling unemployment, and driving economic expansion.
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What is the current inflation rate in Nigeria?
The inflation rate in Nigeria stands at 24%.
What is the focus of the Federal Government to rectify the economy?
The focus of the Federal Government lies in fostering a favorable macroeconomic setting, encouraging local and foreign investment for heightened production, rather than seeking loans.
How many jobs does President Tinubu plan to create?
President Tinubu plans to create 50 million jobs.
What are the urgent tasks facing the current administration?
Immediate priorities encompass lessening Nigeria’s debt, addressing unemployment, and enhancing economic growth.
What is the “Roadmap for the Economy”?
The “Economic Roadmap” is the Finance and Coordinating Minister’s blueprint, detailing key sectors and goals for the upcoming three years to rejuvenate the economy.