Politics
JUST IN: After Urging Nigerians Not To Show Pity, Tinubu-led FG Bows To Pressure, Admits To Inheriting A Bad Economy
After Urging Nigerians Not To Show Pity, Tinubu-led FG Bows To Pressure, Admits To Inheriting A Bad Economy....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie Omo-Ikirodah
On Monday, the Federal Government candidly acknowledged inheriting an economy facing downward trends, marked by an alarmingly high unemployment rate. In response to the current economic landscape, the administration of President Bola Tinubu has firmly declared that it will avoid undue reliance on borrowing and will emphasize transparency, honesty, and accountability to the Nigerian populace. CONTINUE READING
Additionally, the President, demonstrating his commitment to job creation, has announced an ambitious goal of generating 50 million jobs through avenues facilitated by the Ministry of Trade and Investment.
Following the inaugural Federal Executive Council (FEC) meeting chaired by President Tinubu at the Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, briefed journalists about the challenges faced by the current administration. He highlighted that they encountered an inflation rate of 24% and emphasized the President’s determination to enhance the nation’s economic outlook.
When questioned about the specifics of the country’s economic situation, Minister Edun stated, “The key metrics we observed were declining per capita income, 24% inflation, and high unemployment rates, especially among the youth. Essentially, we’ve inherited a troubled economy, but President Tinubu’s commitment is to steer it towards a healthier direction.” CONTINUE READING
Emphasizing the government’s fiscal responsibility, Edun mentioned that borrowing is not currently being considered as a viable option. Instead, the focus will be on fostering a robust macro-economic environment to attract both local and international investments, thereby boosting productivity.
Dr. Doris Anite, the Minister of Trade and Investment, reiterated the President’s job creation goal, suggesting the ambition to generate 50 million job opportunities.
Further, in the Federal Executive Council meeting, President Tinubu instructed his cabinet to prioritize economic revitalization and improve the quality of life for Nigerians. The meeting also witnessed a presentation of the “Roadmap for the economy” by Minister Edun, which emphasized the importance of the country’s economic health.
Concluding the discussion, Edun shared that the council mutually recognized the economy’s current state as suboptimal. In response, the council outlined eight core areas of focus and set specific targets to achieve over the next three years, with President Tinubu urging ministers to implement effective policies and initiatives to facilitate a robust economic turnaround.
Source: Bushradiogist
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