The Federal Government has acknowledged that it inherited a struggling economy characterized by high unemployment rates and significant inflation. President Bola Tinubu's administration has assured Nigerians that it will prioritize transparency, accountability, and avoid excessive borrowing.
During the inaugural Federal Executive Council (FEC) meeting, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed that the economy faced challenges such as a per capita income decline, 24 percent inflation, and notably high unemployment, particularly among youth. Edun emphasized the government's commitment to improving these metrics.
The administration has pledged not to heavily rely on borrowing and instead aims to create a favorable macro-economic environment to attract both local and foreign investments, thereby boosting production. President Tinubu has mandated his cabinet members to revitalize the economy and enhance the livelihoods of citizens.
Minister of Trade and Investment, Dr. Doris Anite, reported that President Tinubu aims to generate 50 million jobs through the Ministry of Trade and Investment. The administration is focusing on eight priority areas to achieve tangible improvements within the next three years.
In the face of these inherited challenges, the government's focus on economic revival and job creation reflects its determination to enhance the nation's economic prospects
Credit: Vanguard Newspaper