We Inherited Very Bad Economy with 24% inflation Says Nigeria Federal Government
Addressing the media after the first Federal Executive Council meeting under President Bola Tinubu, Finance Minister Wale Edun stated the new administration had inherited severe economic issues, including unacceptable unemployment levels and 24% inflation.
Speaking at the Council Chamber in the Presidential Villa, Abuja following the inaugural FEC meeting chaired by President Tinubu, Minister Edun told journalists the economy they encountered was in very poor condition.
He highlighted the challenges ahead in tackling the high inflation and joblessness plaguing the country.
Edun also said that the Federal Government is not in a position to borrow money at this time, adding the emphasis is on how to create a macro-economic environment where both local and foreign investors will invest and increase production.
He said;
“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.
