In the aftermath of the inaugural Federal Executive Council (FEC) meeting helmed by President Bola Tinubu at the Presidential Villa in Abuja, the Federal Government has openly acknowledged inheriting a struggling economy plagued by distressing unemployment rates.
At the media briefing that followed the meeting, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, shed light on the dire economic landscape that the current administration encountered. He highlighted the concerning inflation figure, standing at 24 percent, that greeted them upon taking office.
Edun further emphasized the government's current stance on borrowing, making it clear that borrowing is not currently viable. The government's primary focus is channeled towards cultivating a conducive macroeconomic environment that entices both local and foreign investors to inject resources and amplify production within the nation.
Edun's words echoed, "Per capita income has been on a downward trajectory, coupled with an inflation rate of 24 percent. Unemployment, especially among the youth, has reached alarmingly high levels. Regardless of the methods used to calculate these metrics, the stark reality is clear—our economy is grappling with multiple challenges. President Bola Tinubu's commitment revolves around transforming this adversity into a foundation for prosperity."
The Minister reassured the Nigerian populace that President Tinubu's administration is dedicated to steering clear of excessive borrowing. In a resolute pledge, transparency, honesty, and accountability to the citizens were highlighted as the cornerstones of the government's approach.
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