The Federal Government, yesterday, unveiled 8-point agenda to revive the country’s ailing economy.
While insisting that the present administration inherited a bad economy, with an inflation rate of 24 per cent, and unacceptably high unemployment, the Federal Government said the 8-point agenda was based on eight priority areas, with identified targets that would be delivered in the next three years.
These are food security; ending poverty, economic growth and job creation, access to capital, particularly consumer credit, inclusivity in all its dimensions, particularly as regards youths and women, improving security, improving the playing field on which people and particularly companies operate, rule of law, and of course, fighting corruption.
Also, the government assured Nigerians that the administration of President Bola Tinubu will not rely on borrowing and that he has pledged to be transparent, honest and accountable to the people.
This is as the President promised to create about 50 million jobs through the Ministry of Trade and Investment.
Briefing State House correspondents at the end of the inaugural Federal Executive Council, FEC meeting, presided over by President Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while fielding questions from journalists said that the Tinubu administration met a very bad economy with inflation at 24 per cent.
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.”
Asked to be specific on the kind of economy the Tinubu administration met on the ground, the Minister said: “We met a bad economy and the promise of Mr. President is to make it better.”
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.
The Minister of Trade and Investment, Dr. Doris Anite said that the President has to create 50 million jobs.
Ministers get marching orders
Meanwhile, President Tinubu has given the cabinet members a marching order to marshal the revival of the economy and make life more bearable for the people.
The marching order was given at the council meeting where the “Roadmap for the economy” presented by the Minister of Finance and Coordinating Minister for the Economy was considered. Edun said the council agreed that the economy is not where it should be.
He said FEC examined eight priority areas and identified targets to deliver in the next three years.
He affirmed that President Tinubu has charged the ministers to roll out policies and programmes to turn around the economy.
He said: “First he congratulated everybody and emphasised the high expectations of Nigerians and he encouraged us to be bold and courageous and innovative and to act with urgency in delivering a better life to all Nigerians.
“Essentially, we went through an exercise of looking at where things stood, regarding the economy, the growth rate, the exchange rate, inflation, unemployment and so on.
“The overriding conclusion is that we’re not where we should be and we also examined the President’s eight-point agenda, that is the eight priority areas for moving the Nigerian economy forward and for delivering to Nigerians and those are basically food security; ending poverty, economic growth and job creation, access to capital, particularly consumer credit, inclusivity in all its dimensions, particularly as regards youths and women, improving security, improving the playing field on which people and particularly companies operate, rule of law, and of course, fighting corruption.