The Federal Government has revealed that it commenced its term with a challenging economic situation characterized by an alarming unemployment rate. The administration, under the leadership of President Bola Tinubu, emphasized its commitment to fiscal responsibility, transparency, and accountability in addressing these concerns.
During the inaugural Federal Executive Council (FEC) meeting convened at the Presidential Villa, Abuja, President Bola Tinubu asserted his determination to generate approximately 50 million employment opportunities through the Ministry of Trade and Investment.
Speaking to journalists after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, acknowledged the economic hurdles the Tinubu administration inherited. He pointed out that the economy faced significant challenges such as a high inflation rate of 24 percent, falling per capita income, and worrisome levels of unemployment, particularly among the youth.
“The metrics we have inherited are concerning,” Edun stated, describing the economic conditions that the government encountered.
In response to questions about the government’s economic strategy, Edun clarified that the administration’s focus lies in fostering a conducive macroeconomic environment that will entice both local and foreign investments, thereby driving production and economic growth. Notably, he affirmed that borrowing was not on the immediate agenda.
Dr. Doris Anite, the Minister of Trade and Investment, highlighted President Tinubu’s ambitious goal of creating 50 million jobs to address the unemployment crisis.
President Tinubu articulated a clear directive to his cabinet members, urging them to spearhead the revitalization of the economy and work towards improving the livelihoods of the citizens. This call to action came following the discussion of the “Roadmap for the economy,” a comprehensive plan presented by the Minister of Finance and Coordinating Minister for the Economy during the council meeting.
The administration acknowledges the current state of the economy is not aligned with its aspirations. To rectify this, the FEC identified eight priority areas and outlined specific targets for achieving significant improvements within the next three years.
In conclusion, the President’s determination to reshape the economic landscape, his focus on job creation, and the commitment to transparent governance stand as the cornerstone of the Tinubu administration’s economic strategy.