President Bola Tinubu on Monday declared that the level of unemployment in the country was unacceptable, a situation which his new cabinet must move swiftly to tackle.
The President stated this at the maiden meeting of the Federal Executive Council (FEC) at the presidential villa.
A recent report showed that unemployment rate in the country fell quarter-on-quarter (QoQ) by 1.2 percentage points to 4.1 per cent in the first quarter of this year (Q1’23), from 5.3 per cent in the fourth quarter of 2022 (Q4’22).
The Nigeria Bureau of Statistics (NBS) confirmed that the 2020 statistics and the current one were calculated using different methodologies, after a two-year interruption.
But a report by the KPMG in April however indicated that the country/s unemployment rate had increased to 37.7per cent in 2022 and will further rise to 40.6per cent, due to the continuing inflow of job seekers into the job market.
“We have an unemployment level that is not acceptable. We are threatened by climate change. We still have underemployment. But to turn things around, you have been selected to perform your utmost best,” President Tinubu told his cabinet members.
President Tinubu also assured that the policy agenda of his government will be set to reform economy to deliver sustainable and inclusive growth, strengthen national security for peace and prosperity.
The President has therefore challenged the ministers to commit themselves in creating a buoyant economy that will serve every Nigeria. “The expectation is high and there is tough time right now,” he noted.