First FEC meeting: Tinubu encourages ministers to revive the struggling economy
The Federal Government released an eight-point plan to rebuild the country’s faltering economy yesterday.
While claiming that the current administration inherited a bad economy with a 24% inflation rate and unacceptably high unemployment, the Federal Government stated that the 8-point agenda was based on eight priority areas with identified targets, and Tinubu encourages ministers to deliver them over the next three years.
These are food security, poverty eradication, economic growth and job creation, access to capital, particularly consumer credit, inclusivity in all its forms, particularly for youths and women, improved security, a level playing field for people and businesses, the rule of law, and, of course, combating corruption.
Furthermore, the government informed Nigerians that
President Bola Tinubu’s administration and his Tinubu encouraged ministers would not rely on borrowing, and he has committed to being truthful, honest, and accountable to the people.
’50 million jobs on the way’
This comes on the heels of the President’s commitment to create approximately 50 million jobs through the Ministry of Trade and Investment.
While fielding questions from journalists at the end of the inaugural Federal Executive Council (FEC meeting, presided over by President Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said that the Tinubu administration faced a very bad economy with inflation at 24%.
When asked to characterize the type of economy encountered by the government on the ground, he said,
“Per capita has steadily declined, inflation is at 24%, unemployment is high, and you know they’re rebasing the way it’s calculated.”
“Either way, it is high, and youth unemployment is even unacceptably high; these are the key metrics that we have met.”
When asked to elaborate on the type of economy encountered by the Tinubu administration on the ground, the Minister stated, “We met a bad economy, and Mr. President’s promise is to make it better.”
He also stated that the Federal Government is not in a position to borrow money at this time, emphasizing the importance of creating a macroeconomic environment in which both domestic and foreign businesses will invest and enhance output. Source for more news, visit thedailycourierng.