Bad Economy, High Rate Of Unemployment Buhari’s Fault –Tinubu

The bad economy and high rate of unemployment hounding Nigerians are the handiwork of former president, Muhammadu Buhari.

This assertion was made by the current administration of President Bola Tinubu at the inaugural meeting of the Federal Executive Council (FEC) meeting presided over by the president.

The meeting which held at the Council Chamber of the Presidential Villa, Abuja, saw the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, telling journalists that the Tinubu administration met a very bad economy with inflation at 24 percent.

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“Per capital has fallen steadily, inflation is at 24 percent, 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.”

However, he promised that the current government was working to fix the problems.

But on the issue of borrowing money to meet certain domestic necessities, he said the Federal Government was not in a position to borrow money currently.

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The minister, added that government’s emphasis for now, was to create a macro-economic environment where both local and foreign investors will invest and increase production.

His counterpart on Trade and Investment, Dr. Doris Anite, said that the President has to create 50 million jobs.

These assertions are coming amidst wide spread complaints over biting economy characterized by high cost of goods and services, amidst stagnant income.

Buhari , had said that he was happy to leave Nigeria’s economy in very competent hands.

The Eagle reports that last May, Buhari had been upbeat about stabilising the economy, adding that he was leaving it in good hands.  

Speaking during at the inauguration of Dangote Refinery in Lagos, he said: “‘This mega industry we are commissioning today is a clear example of what can be achieved when entrepreneurs are encouraged and supported and when an enabling environment is created for investments and for businesses to thrive.

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‘‘I am confident that my successor, His Excellency Asiwaju Bola Ahmed Tinubu, will sustain the improvement in our economic and business environment and strengthen the framework of our public private partnership policies to accelerate the pace of our economic growth and development.

‘‘I am happy to leave our economy in very competent hands”.

However, now that the federal government is alleging that it met a bad Economy and high rate of unemployment, reactions from the previous administration are likely to follow.