The Federal Government, under the leadership of President Bola Ahmed Tinubu, on Monday, said it inherited a bad economy with an unacceptable high rate of unemployment.
The government also assured Nigerians that the Tinubu-led administration will not rely on borrowing and that he has pledged to be transparent, honest and accountable to the people.
In a Press briefing at the State House correspondents, during the inaugural Federal Executive Council, FEC meeting, presided over by President Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun while fielding questions from journalists said that the Tinubu’s administration met a very bad economy with inflation at 24 percent.
Asked to describe the kind of economy the government met on ground, 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. “
He also said that the Federal Government is not in a position to borrow money at this time, adding that the emphasis is on how to create a macro economic environment where both local and foreign investors will invest and increase production.
Edun said the council agreed that the economy is not where it should be.
He said FEC examined eight priority areas and identified targets to deliver in the next three years.