The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, told journalists that his principal met a very bad economy with inflation at 24 percent.

 

President Bola Tinubu has lamented that he inherited a bad economy.

 

According to him, the bad economy came with an unacceptable high rate of unemployment.

 

Addressing journalists 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 his principal met a very bad economy with inflation at 24 percent.

 

Edun 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.

 

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. We met a bad economy and the promise of Mr. President is to make it better.”

 

The Minister assurred 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.