The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.
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.
Edun said 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 overtime.
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.
On his part, the Minister of Health, Dr Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians.
He said that the president had advised them to be courageous and innovative in taking decisions that would benefit the country, adding that the president has already taken such moves.
Pate said that the president was responsive to the need to set the economy on the path of progress with his move to remove subsidy on petrol from the first day on his inauguration.
The Minister of Information and National Orientation, Alhaji Mohammed Malagi, said that the president has charged the cabinet members to be transparent in their dealings, especially in disseminating necessary information.
He urged the media to avail themselves of this opportunity not to misinform the public through verification and fact checking on their stories, adding that this will reduce the incidence of informing Nigerians out of ignorance.
Similarly ,The President Bola Tinubu administration on Monday said it inherited a bad economy with an unacceptably high rate of unemployment.
The administration, however, assured Nigerians that it would not rely on borrowing to raise funds to fix the country while pledging to be transparent, honest and accountable to the people.
Briefing State House correspondents at the end of the inaugural Federal Executive Council meeting, presided over by Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while fielding questions from journalists said that the Tinubu administration met a very bad economy with inflation at 24 per cent.
Asked to describe the kind of economy the government met on the ground, he said, “Per capita had fallen steadily, inflation is at 24 per cent, 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.”
Asked to be specific on the state of the economy they met on the ground, the minister said, “We met a bad economy but the promise of Mr. President is to make it better. “
He also said that the Federal Government was not in a position to borrow money at this time, adding the emphasis is on how to create a macroeconomic environment where both local and foreign investors would invest and increase production.
The Minister of Trade and Investment, Dr. Doris Anite, said the President had to create 50 million jobs.
Meanwhile, President Tinubu has given the cabinet members a marching order to marshal the revival of the economy and make life more bearable for the people.
The marching order was given at the council meeting where the “Roadmap for the economy”, presented by the minister of finance and coordinating minister for the economy, was considered.
Edun said the council agreed that the economy was not where it should be.
He said FEC examined eight priority areas and identified targets to deliver in the next three years.
He affirmed that President Tinubu had charged the ministers to roll out policies and programmes to turn around the economy.
