The President, Bola Tinubu administration on Monday, August 28, 2023, lamented over inheriting a bad economy with a very high rate of unemployment.

The Tinubu administration promised not to rely on borrowing to raise funds to get the country working as part of its pledge to be transparent, honest, and accountable to the good people of Nigeria.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while briefing the State House correspondents after the inauguration of Federal Executive Council meeting, led by Tinubu at the Council Chamber, Presidential Villa, Abuja, said that “the Tinubu administration met a very bad economy with inflation at 24%.

Edun described it further by saying, “Per capital had fallen steadily, inflation is at 24 %, unemployment is high, you know they are rebasing the way in which it’s calculated” when asked.

“Either way, it is high and youth unemployment is even unacceptably high, these are the key metrics that we have met.”

“We met a bad economy but the promise of Mr. President is to make it better. “

The Minister of Finance also said that “the Federal Government is not in a position to borrow money at this time, the emphasis is on how to create a macroeconomic environment where both local and foreign investors would invest and increase production.”