The administration of President Bola Tinubu inherited a bad economy from his predecessor, former President Muhammadu Buhari.
This is just as the Federal Government described as unacceptably high the rate of unemployment in the country.
The Minister Minister of Finance and Coordinating Minister of the Economy, Wale Edun said these while briefing State House correspondents at the end of the inaugural Federal Executive Council meeting, presided over by Tinubu at the Council Chamber, Presidential Villa, Abuja.
Edun said that the Tinubu administration met a very bad economy with inflation at 24 per cent and assured Nigerians that it would not rely on borrowing to raise funds to fix the country.
Edun said the council agreed that the economy was not where it should be, noting that FEC examined eight priority areas and identified targets to deliver in the next three years.
He explained further that President Tinubu had charged the ministers to roll out policies and programmes to turn around the economy.
He said, “Per capita had fallen steadily, inflation is at 24 per cent, 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 but the promise of Mr. President is to make it better. “
He also said that the Federal Government was not in a position to borrow money at this time, adding the emphasis is on how to create a macroeconomic environment where both local and foreign investors would invest and increase production.
