The Federal Government of Nigeria has unveiled 8-point agenda to boost the country’s ailing economy.
President Tinubu explained that this has become paramount because his administration inherited a bad economy, with an inflation rate of 24 per cent, and unacceptably high unemployment rate.
According to the Federal Government, the 8-point agenda will prioritise 8 areas, with actionable targets for the next three years.
These focus areas are food security, ending poverty, economic growth and job creation, access to capital, particularly consumer credit, inclusivity in all its dimensions, particularly as regards youths and women, improving security, improving the playing field on which people and particularly companies operate, rule of law, and of course, fighting corruption.
President Bola Tinubu restated that his government will not depend on borrowing, pledging that he will be transparent, honest and accountable to the masses.
On jobs, the President promised to create about 50 million jobs through the Ministry of Trade and Investment.
While briefing State House correspondents 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, Wale Edun said that the Tinubu administration met a very bad economy with inflation at 24 per cent.
Asked to describe the kind of economy the government met on the ground, he said: “Per capita has fallen steadily, inflation is at 24 per cent, 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.”
The Minister said: “We met a bad economy and the promise of Mr. President is to make it better.”
He also explained that the Federal Government is not in a position to borrow money at this time, adding the emphasis is on how to create a macroeconomic environment where both local and foreign investors will invest and increase production.
Tinubu gave the cabinet members a marching order to marshal the revival of the economy and make life more bearable for the citizens.
The marching order was given at the council meeting where the “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 needs to improve, quickly.
