The Federal Government has said that it inherited a bad economy with an unacceptably high rate of unemployment.
Addressing journalists at the end of the inaugural Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, told journalists that his principal met a very bad economy with inflation at 24 percent.
The government also assured Nigerians that the administration of President Bola Tinubu would not rely on borrowing and that he had pledged to be transparent, honest, and accountable to the people.
According to Edun, the government cannot currently borrow money. The focus is on creating a macroeconomic environment that encourages local and foreign investors to invest and boost production.
“Per capita 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.”