The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said President Bola Ahmed Tinubu inherited a bad economy with an unacceptably high unemployment rate.
OsunDailyNG reports that Edun made this known on Monday while fielding questions from journalists at the end of the inaugural Federal Executive Council, FEC, meeting, presided over by President Tinubu at the Council Chamber, Presidential Villa, Abuja.
He said that Tinubu’s administration met an awful economy with 24 per cent inflation and a high rate of youth unemployment.
Edun said irrespective of the situation, the President has promised to make the economy better and create about 50 million jobs through the Ministry of Trade and Investment.
He 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 macroeconomic environment where both local and foreign investors will invest and increase production.
Asked to describe the kind of economy the government met on ground, Wale Edun 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.”
