Federal Government Acknowledges Inherited Economic Challenges
The Federal Government revealed on Monday that it faced an unfavorable economic landscape upon assumption, marked by distressingly high unemployment rates. President Bola Tinubu’s administration expressed its commitment to transparency, integrity, and accountability, vowing not to overly rely on borrowing.
President Tinubu has undertaken the ambitious goal of generating approximately 50 million jobs through the Ministry of Trade and Investment, emphasizing the administration’s determination to revitalize the economy.
Following the inaugural Federal Executive Council (FEC) meeting convened under President Tinubu’s leadership at the Presidential Villa in Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, addressed the media. He outlined that the new government inherited an unfavorable economic scenario, with inflation soaring at 24 percent.
Edun elaborated, “Per capita income has been steadily declining, inflation has surged to 24 percent, and unemployment has reached alarming levels, particularly among the youth. These critical metrics form the backdrop of our current situation.”
Pressed for more specific details on the existing economic conditions, the Minister elaborated, “We inherited a struggling economy, and President Tinubu’s commitment is to steer it towards improvement.”
He further revealed that the administration has chosen not to heavily rely on borrowing at this juncture. Instead, the primary focus is on cultivating a macroeconomic environment conducive to local and foreign investments, thereby stimulating production and economic growth.
Meanwhile, Dr. Doris Anite, Minister of Trade and Investment, disclosed that President Tinubu is dedicated to creating 50 million jobs, underscoring the administration’s unwavering commitment to addressing unemployment.
In light of the situation, President Tinubu has directed cabinet members to spearhead an economic resurgence, aiming to enhance the quality of life for the populace. This directive was given during the council meeting while reviewing the “Roadmap for the Economy” presented by the Minister of Finance and Coordinating Minister for the Economy.
Edun shared that the council collectively recognized the room for improvement within the economy. A thorough evaluation of eight prioritized sectors resulted in the identification of specific targets to accomplish within the next three years.
With fervor, President Tinubu urged ministers to implement policies and initiatives that would facilitate a turnaround for the nation’s economy, emphasizing the administration’s dedication to fostering growth and prosperity.
