The Federal Government, on Monday, said it inherited a bad economy with an unacceptable high rate of unemployment.
The government also assured 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.
Meanwhile, the President has promised to create about 50 million jobs through the Ministry of Trade and Investment.
At the end of the inaugural Federal Executive Council, FEC, meeting presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, told journalists that the Tinubu administration met a very bad economy with inflation at 24 percent.
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 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.
Meanwhile, President Tinubu has given the cabinet members a marching order to marshal the revival of the economy and make life more bearable for the people.
The marching order was given at the council meeting where “Roadmap for the economy” presented by the Minister of Finance and Coordinating Minister for the Economy was considered.
Edun said the council agreed that the economy is not where it should be.
He said FEC examined eight priority areas and identified targets to deliver in the next three years.
He affirmed that President Tinubu had charged the ministers to roll out policy and programmes to turn around the economy.