The Federal Government has asserted that it was bequeathed an unfavorable economic situation characterized by an unacceptably high unemployment rate.
Speaking to reporters after the inaugural Federal Executive Council (FEC) meeting headed by President Bola Tinubu at the Presidential Villa’s Council Chamber in Abuja, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, conveyed that his superior inherited an economy in dire straits, marked by a 24 percent inflation rate.
Edun also emphasized that, currently, the Federal Government isn’t positioned to secure loans. The focus lies on establishing a macroeconomic environment conducive to both domestic and international investors’ engagement.
“Per capital has fallen steadily, inflation is at 24 percent, unemployment is high; you know they are rebasing the way in which it’s calculated.
“Either way, it is high and youth unemployment is even unacceptably high. These are the key metrics that we have met. We met a bad economy and the promise of Mr. President is to make it better.”
The Minister assurred Nigerians that the administration of President Bola Tinubu will not rely on borrowing and that he had pledged to be transparent, honest and accountable to the people.