A poor economy was left over for us. — FG

According to the Federal Government, it has assumed responsibility for an economy that is characterized by unfavorable conditions, including an unacceptably high level of unemployment.

During a press briefing following the inaugural Federal Executive Council (FEC) meeting, which was chaired by President Bola Tinubu at the Council Chamber, Presidential Villa in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, informed journalists that the current administration inherited a severely weakened economy characterized by a high inflation rate of 24 percent.

According to Edun, it is asserted that the Federal Government is now unable to engage in borrowing funds. Furthermore, the focus is placed on the imperative of establishing a macroeconomic climate that facilitates investment by both domestic and international stakeholders, hence fostering enhanced output levels.

He stated

The per capita income has exhibited a consistent decline, accompanied by a high inflation rate of 24 percent and elevated levels of unemployment. It is worth noting that there are ongoing efforts to rebase the methodology employed for calculating these economic indicators.

Regardless of the perspective, the current unemployment rate is considerably elevated, with youth unemployment reaching an unacceptably high level. The aforementioned metrics have been successfully achieved. We encountered a challenging economic situation, and the President has made a commitment to improve it.

The Minister assurred Nigerians that the administration of President Bola Tinubu will not rely on borrowing and that he had committed to be truthful, honest and accountable to the people.