The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has blamed former president Muhammadu Buhari of handing over a sick economy to his successor, President Bola Ahmed Tinubu.
Edun while speaking at the end of the inaugural Federal Executive Council—FEC meeting presided over by Tinubu at the Council Chamber, Presidential Villa, Abuja, on Monday, told newsmen that his principal met a very bad economy with inflation at 24 per cent.
He also said that the Federal Government is not in a position to borrow money at this time, adding that the emphasis is on how to create a macro-economic environment where both local and foreign investors will invest and increase production.
He said, “Per capital 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. We met a bad economy and the promise of Mr. President is to make it better.”
The Minister assured Nigerians that the administration of President Bola Tinubu would not rely on borrowing and that he had pledged to be transparent, honest and accountable to the people.