Abuja, Feb. 6, 2024 – Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, on Tuesday said the Nigerian economy almost collapsed before President Tinubu took over on May 29, 2023.
The minister said this when he appeared before the House of Representatives wjile explaining the current economic situation.
He, however, said the economy was now on the road to recovery due to the interventions of the current administration.
“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.”
“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.”
“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.” (GBN)
