The Federal Government of Nigeria has acknowledged that it inherited an economy plagued by severe challenges, including an alarmingly high rate of unemployment. Speaking to journalists following the inaugural Federal Executive Council (FEC) meeting overseen by President Bola Tinubu at the Council Chamber of the Presidential Villa in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, shared insights into the economic situation.
Edun highlighted the difficulties that the current administration inherited, emphasizing that the economic landscape at the time of their assumption of office was far from favorable. Specifically, he pointed out that the inflation rate stood at an alarming 24 percent. This figure reflects the general increase in prices across various sectors of the economy, which can impact the cost of living for citizens.
The Minister also emphasized the grim state of employment within the country. He acknowledged that the rate of unemployment was unacceptably high, with particular concern over youth unemployment. This observation underscores the challenges faced by young people seeking gainful employment opportunities, which can have broad social and economic ramifications.
Addressing these pressing issues, the Minister stated that the current administration’s focus is not centered on borrowing more funds but on creating a macroeconomic environment conducive to both local and foreign investments. The goal is to stimulate production and foster economic growth through sustainable means.
In light of these circumstances, the Minister conveyed President Bola Tinubu’s commitment to improving the economic outlook for Nigeria. He assured Nigerians that the administration would prioritize transparency, honesty, and accountability in its efforts. By acknowledging the existing economic challenges and outlining a commitment to address them, the government is aiming to regain public trust and work towards building a stronger and more resilient economy.
The challenges highlighted by the Minister serve as a reminder of the complexity of managing an economy, particularly during periods of transition or transformation. Economic issues such as inflation and unemployment are multi-faceted, requiring carefully considered policies and strategies to achieve meaningful improvements.