The administration of President Bola Tinubu has acknowledged that it inherited a deplorable economic situation with an intolerably high unemployment rate and rapidly rising inflation.
But while promising to be open, truthful, and answerable to the people, the Federal Government of Nigeria gave assurances to Nigerians that it would not rely on borrowing to raise money to fix the nation.
On August 28, 2023, at the conclusion of the first Federal Executive Council (FEC) meeting, which was presided over by Tinubu and held in the Council Chamber of the Presidential Villa in Abuja, Wale Edun, the minister of finance and co-coordinating minister of the economy, informed State House correspondents of this.
Edun claimed that the 24% inflation rate and steadily declining per capita were challenges the Tinubu administration had to deal with.
The finance minister when asked to describe the kind of economy the government met on the ground, Edun said,
“Per capita had fallen steadily, inflation is at 24%, unemployment is high, you know they are rebasing how it’s calculated.
“Either way, it is high and youth unemployment is even unacceptably high, these are the key metrics that we have met.”
On being specific on the state of the economy they met on the ground, the minister said,
“We met a bad economy, but Mr. President promises to make it better.”
The Federal Government, according to Edun, is not in a position to borrow money at the moment; instead, the focus is on how to establish a macroeconomic environment that would encourage investment and production from both domestic and foreign investors.
The President must create 50 million new jobs, according to Dr. Doris Anite, Minister of Trade and Investment.
The cabinet has been given orders by President Tinubu to lead the economic recovery and improve the quality of life for the populace.
The “Roadmap for the Economy,” which was presented by the coordinating minister for the economy and minister of finance, was discussed at the council meeting when the marching order was given.
The council, according to Edun, concurred that the economy was not performing as it should, and he said that the FEC had looked at eight priority sectors and set goals for the following three years.
He confirmed that President Tinubu has given the ministers orders to implement plans and initiatives to revive the economy.
Recall that about two weeks ago, Senator Adams Oshiomhole, the former governor of Edo State, made a suggestion that the Tinubu administration had inherited a dire economic condition.
He claimed that a few of the present administration’s measures are the first stage in revitalizing the economy.
Reducing Nigeria’s debt load, addressing unemployment, and fostering economic growth are just a few of the critical challenges that the current administration must complete.
