By Uche Amunike
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has stated that even though the President Bola Tinubu-led administration inherited a bad economy, the federal government has made plans to improve the economy without any intention of borrowing further funds from any local or foreign organization, considering its removal of subsidy on petrol and exchange rate harmonization.
Speaking, after the end of the inaugural Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja, Wale Edun, while fielding questions from newsmen, confirmed that the major parameters they met on ground was inflation which stood at 24%, while the unemployment level was unacceptably high.
When the newsmen asked him to be specific on the exact state of the economy, he stated that it was bad, but that President Bola Tinubu has made promises to make it better. He emphasized that all the government needed to do was to create a macroeconomic environment for both local and foreign investors to invest and increase production, as they were not prepared to borrow money at this time.
He added that the increased revenue from the Subsidy removal and various palliatives have been made available to help make less, the effects on a short, medium and long term basis.
Also at the FEC meeting, the Minister of Trade and Investment, Dr. Doris Uzoka-Anite affirmed that the president had to create 50 million jobs, even as he gave the cabinet members a standing order to police the revival of the economy and make life better for Nigerians.
She further stated that she presently has offers already coming from different sectors of the economy which include Oil and Gas, Solid minerals, Health and Agriculture. She assured that her ministry would work hand in hand with relevant ministries, departments and agencies of government to live up to the expectation of the President’s commitment to creation of jobs for the youthful population of Nigeria.
Minister Wale Edun also presented a roadmap for the economy at the meeting, stating that the economy was not where it should be. He stated that the council had examined eight major areas of top priority and listed targets to deliver in the next three years. He also confirmed that President Tinubu already charged every minister to rule out policies and programs which they would use to turn the economy around.
Health Minister, Dr Ali Pate, also made his contributions, concerning the critical sections of the health value chain which will be exploited to improve the economy and create jobs for Nigerians.
He stated that the president mandated them to be courageous and innovative in making decisions that would benefit the country, adding that the president was responsive to the need to improve the economy and started by removing subsidy on fuel immediately after his inauguration.
As for the Minister of Information and National Orientation, Alhaji Mohammed Idris, the president mandated the cabinet members to maintain transparency in their dealings, especially as it concerns information dissemination, while directing the media to always verify and fact check their stories before publishing them so as to avoid giving wrong information to the public.
