Unemployment: Tinubu met economy in bad condition – Finance minister

The administration of President Bola Tinubu claimed on Monday that it inherited a poor economy with an unacceptablely high unemployment rate.

The administration promised to be open, truthful, and responsible to the people, but reassured Nigerians that it would not rely on borrowing to raise money to fix the country.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, responded to questions from reporters after the inaugural Federal Executive Council meeting, which was presided over by Tinubu and held in the Council Chamber of the Presidential Villa in Abuja. Edun said that the Tinubu administration encountered a very poor economy with inflation at 24%.

When asked to describe the type of economy the government encountered in practice, he responded, “Per capita had steadily declined, inflation is at 24%, unemployment is high, and you know they are rebasing the way it’s calculated.

These are the key metrics that we have met: “In either case, it is high and youth unemployment is even unacceptable high.”

When pressed for details regarding the economy they encountered on the ground, the minister responded, “We met a bad economy but the promise of Mr. President is to make it better.

He added that the focus should be on how to create a macroeconomic environment where both domestic and foreign investors would invest and boost production. He also stated that the Federal Government was not currently in a position to borrow money.

The President must create 50 million new jobs, according to Dr. Doris Anite, Minister of Trade and Investment.

The cabinet has been given orders by President Tinubu to lead the economic recovery and improve the quality of life for the populace.

The “Roadmap for the Economy,” which was presented by the coordinating minister for the economy and minister of finance, was discussed at the council meeting where the marching order was given.

Edun claimed that the council concurred that the economy was not performing as it ought to.

According to him, the FEC looked at eight priority areas and determined goals for the following three years.

He confirmed that President Tinubu had given the ministers orders to implement plans and initiatives to revive the economy.