"We Inherited Challenges from Previous Administration" - FG .

"We Inherited Challenges from Previous Administration" - FG

 


In a statement on Monday, the Federal Government expressed its concern over inheriting a struggling economy with an unacceptably high unemployment rate from the previous government. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, conveyed this sentiment to journalists, indicating that the administration led by President Bola Tinubu faced a daunting task in addressing the economic situation. He emphasized that despite the obstacles, the government remains committed to finding sustainable solutions without relying solely on borrowing.

When asked to elaborate on the state of the economy inherited, Edun noted a steady decline in per capita income and a worrisome inflation rate of 24 percent. He also highlighted the pressing issue of unemployment, which has reached alarmingly high levels, particularly among the youth demographic. Edun acknowledged that these metrics are pivotal and represent the main challenges confronting the current administration.

Pressed further to provide specifics about the economic situation when the Tinubu administration assumed office, the Minister underscored that the situation was indeed challenging, but President Tinubu's commitment was aimed at improving it.

Furthermore, Edun emphasized that the present circumstances do not warrant excessive borrowing by the Federal Government. Instead, the focus lies in fostering a conducive macroeconomic environment that will attract both local and foreign investors. The goal is to stimulate increased production and, in turn, drive economic growth.

Adding to the discourse, Minister of Trade and Investment, Dr. Doris Anite, highlighted the imperative of job creation. She stated that President Tinubu's administration is working towards generating a substantial 50 million jobs, underscoring the administration's dedication to bolstering employment opportunities for the nation's populace.

In the face of these economic challenges, the Federal Government remains resolute in its determination to uplift the economy and steer it towards a brighter future. The commitment to creating a thriving economy that benefits all citizens remains at the forefront of the administration's priorities.

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