The Bola Tinubu administration has acknowledged inheriting a struggling economy characterized by high unemployment rates. The government assures the public that it won’t heavily rely on borrowing to address the country’s issues and commits to transparency and accountability.
Speaking after the inaugural Federal Executive Council meeting, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the administration found the economy in poor shape, with a 24% inflation rate. The per capita income had decreased steadily, and both overall and youth unemployment were at alarming levels.
The administration’s focus is on creating a conducive macroeconomic environment to attract local and foreign investors and boost production. President Tinubu emphasized the need to create 50 million jobs and directed cabinet members to work on revitalizing the economy and improving citizens’ livelihoods.
During the council meeting, the “Roadmap for the economy” was discussed, highlighting eight priority areas and setting targets for the next three years. The administration is determined to implement policies and programs that will positively impact the economy under President Tinubu’s guidance.