The Federal Government on Monday announced that it inherited a very bad economy from the administration of President Muhammadu Buhari, where per capital income fell drastically low and inflation rate rose up to 24 percent.
Minister of Finance and coordinating minister of the economy Wale Edun, assured that the government of President Bola Tinubu was poised to reversing the situation to improve the lives of millions of Nigerians.
“We met a bad economy and the promise of Mr. President is to make it better,” the Finance minister stressed.
According to him, “per capital has fallen steadily, inflation is at 24 percent, unemployment is high, you know, we are rebasing the way in which it is calculated.
“Either way, it is high and youth unemployment is even unacceptably high, these are the key metrics that we have met.”
Despite the precarious condition of the economy, the Finance minister explained that government was not in a position to continue with the system of borrowing to manage the economy.