The government of President Bola Tinubu inherited a poor economy from his predecessor, former President Muhammadu Buhari.
This corresponds to the domestic unemployment rate, which the federal government says is unacceptably high. Minister of Finance and Coordinating Economic Affairs Wale Edun said during a briefing to state parliamentary correspondents at the conclusion of the first meeting of the Federal Government, chaired by Tinubu, in the council room of the presidential villa in Abuja.
Edun said the Tinubu government was facing a very bad economic situation with an inflation rate of 24% and had assured the Nigerian people that they would not rely on loans to finance the revitalization of Nigeria.
Noting that the FEC has considered eight priority areas and identified targets to be achieved over the next three years, Edun said the board agreed the economy was not where it should be.
"Per capita is steadily declining, inflation is 24% and unemployment is high. As you know, the calculations have been readjusted," he said. “Anyway, unemployment is high, youth unemployment is unacceptably high, and these are the key indicators we have achieved.
"Our economy has been bad, but the president's promise is to make it better."
