The Federal Government (FG) says it has no intention of borrowing from any local or foreign organization with its removal of subsidy on petrol and exchange rate harmonization.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun stated this while addressing journalists at the end of the inaugural Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja.
According to him, Tinubu his principal met a very bad economy with inflation at 24 percent and an unacceptable high rate of unemployment.
Edun also said that the Federal Government is not in a position to borrow money at this time, adding the emphasis is on how to create a macro-economic environment where both local and foreign investors will invest and increase production.
He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving business environment for local and foreign investment.
He disclosed that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long term basis.
He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.
He said;
“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.”
The Minister assured Nigerians that the administration of President Bola Tinubu will not rely on borrowing and that he had pledged to be transparent, honest and accountable to the people.
Similarly, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.
She said that her ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the president’s commitment to creation of jobs for the teeming youthful population of Nigeria
