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The Federal Government, on Monday, lamented that it inherited a bad economy with an unacceptable high rate of unemployment from the previous government.
This was revealed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who told journalists that the president Bola Tinubu‘s administration met a very bad economy with inflation at 24 percent, but the administration will not rely on borrowing.
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.”
Asked to be specific on the kind of economy the Tinubu administration met on ground, the Minister said, “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 the emphasis is on how to create a macro-economic environment where both local and foreign investors will invest and increase production.
On her part, the Minister of Trade and Investment, Dr. Doris Anite, said that the President has to create 50 million jobs.
