President Bola Tinubu has lamented that he met a bad economy on assumption of office.
He noted that the woeful economy was made worse with an unacceptable high rate of unemployment.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy said this while addressing journalists at the end of the inaugural Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.
Speaking at the Council Chamber, Presidential Villa, Abuja, Wale Edun, told the newsmen that his principal met a very bad economy with inflation at 24%.
Edun also said that the Federal Government is not in a position to borrow money at this time, adding the emphasis is on how to create a macro-economic environment where both local and foreign investors will invest and increase production.
“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.”
The Minister assurred Nigerians that the administration of President Bola Tinubu will not rely on borrowing and that he had pledged to be transparent, honest and accountable to the people.
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