The Nigerian Federal Government has released an 8-point plan to revive the struggling national economy.
This, according to President Tinubu, has become of utmost importance because his administration inherited a weak economy with a 24% inflation rate and an intolerably high unemployment rate.
The 8-point plan, according to the Federal Government, would give priority to 8 areas and set attainable goals for the following three years.
Food security, eradicating poverty, economic development and job creation, consumer credit access, inclusivity in all its forms, especially with regard to young people and women, enhancing security, leveling the playing field for people and businesses, promoting rule of law, and, of course, combating corruption are some of these areas of focus.
President Bola Tinubu reaffirmed that his administration would not rely on borrowing and promised to be open, sincere, and answerable to the people.
Regarding employment, the President pledged to use the Ministry of Trade and Investment to create around 50 million new jobs.
At the conclusion of the first Federal Executive Council, FEC meeting, which was presided over by President Tinubu and held in the Council Chamber of the Presidential Villa in Abuja, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, told State House reporters that the Tinubu administration had to deal with a very poor economy with inflation of 24%.
Asked to describe the kind of economy the government met on the ground, he said: “Per capita has fallen steadily, inflation is at 24 per cent, 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.”
The Minister said: “We met a bad economy and the promise of Mr. President is to make it better.”
He added that the Federal Government is not now in a position to borrow money and that the focus should be on how to establish a macroeconomic environment that will encourage investment and output from both domestic and foreign enterprises.
To lead the recovery of the economy and improve conditions for the populace, Tinubu handed the cabinet members orders.
At the council meeting where the “Roadmap for the Economy” provided by the Coordinating Minister for the Economy and Minister of Finance was discussed, the marching orders were given. The council, according to Edun, agreed that the economy needed to rapidly recover.
