Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, says that although President Bola Tinubu took office in May, Nigeria was headed for economic collapse and is now on the road to recovery.
During his Tuesday speech on the status of the economy before the House of Representatives, Edun revealed this.
“Where we are as a nation economically is a much better place than we were on the 29th of May, 2023. We have heard from the governor of the CBN. He has talked about the importance of sustainability,” he told the lawmakers in Abuja.
“Before the implementation of the 8-point agenda of the President began, we were in an unsustainable place in terms of the fiscal situation of Nigeria. We were on the road to economic disaster.”
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The coordinating minister of the economy also noted that the country’s expenditure before the current administration was wasteful and unsustainable.
“We had expenditure 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,” he said.
Tinubu under his ‘Renewed Hope’ agenda took over power from former president Muhammadu Buhari on May 29, 2023. During his campaign under the All Progressives Congress (APC), President Tinubu promised that he would hit the ground running and work day and night to make Nigeria better.
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The series of reforms since then, including the removal of much-debated fuel subsidy, has led to a hike in inflation and the cost of living.
But while acknowledging the hardship in the country, Edun reassured Nigerians of the President’s commitment to making life easier for all.
“Likewise, there have been other benefits which have accrued as a result of the changes that have been made. However, inflation has increased, the cost of living has spiked, and right from the onset, Mr president is committed to making sure that the poorest and the most vulnerable are not left behind. The palliatives, the interventions have been rolled out.”
