The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, has said that before President Bola Tinubu took office on May 29, 2023, Nigeria was headed for economic collapse, adding that the nation is now on the road to recovery.
Edun revealed this on Tuesday, February 6, when he appeared before the House of Representatives to discuss the status of the economy.
He said: “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.
“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.”
The economy’s coordinating minister also mentioned how wasteful and unsustainable the nation’s spending was during the previous government.
He said: “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.”
Tinubu under his ‘Renewed Hope’ agenda took over power from former president Muhammadu Buhari on May 29, 2023.
During his campaign, President Tinubu pledged to immediately commence diligent work and tirelessly strive to enhance Nigeria.
Edun reminded Nigerians of the President’s resolve to improve everyone’s quality of life, even as he acknowledged the challenges facing the nation.
He added: “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.”