According to THE NATION, prior to President Bola Tinubu taking office on May 29, 2023, Nigeria was on the verge of economic catastrophe, according to Wale Edun, the Coordinating Minister of the Economy and Minister of Finance....For More CONTINUE THE FULL READING▶▶
On Tuesday, February 6, Edun made these comments during a meeting with the House of Representatives to talk about the status of the economy.
Drawing attention to the severe economic circumstances that existed prior to Tinubu’s takeover, Edun underscored the importance of the president’s eight-point plan in guiding the country away from an unmanageable budgetary trajectory.
“We were in an unsustainable place in terms of the fiscal situation of Nigeria. We were on the road to economic disaster,” stated Edun, reflecting on the challenges faced by the nation before the implementation of Tinubu’s agenda.
The Finance Minister also pointed out the wasteful and unsustainable spending practices prevalent during the previous government’s tenure, citing subsidies on fuel and foreign exchange as key examples.
“We had expenditures which was wasteful and unsustainable by way of the subsidy, not just on fuel but the subsidy on foreign exchange, which confused the incentive framework, and people were chasing cheap dollars in other to make an instant profit,” Edun explained.
Tinubu, under his ‘Renewed Hope’ agenda, assumed office after taking over from former President Muhammadu Buhari.
Throughout his campaign, Tinubu pledged to diligently work towards enhancing Nigeria’s economic prospects.
Edun reiterated the President’s commitment to improving the quality of life for all Nigerians, despite the challenges facing the nation.
He acknowledged the increase in inflation and the spike in the cost of living while emphasizing Tinubu’s dedication to ensuring that the poorest and most vulnerable segments of society are not left behind.
“The palliatives, the interventions have been rolled out,” Edun assured, underscoring the administration’s efforts to address the economic concerns of the populace. CONTINUE FULL READING>>>>>
