FEC unveils three-year economic recovery plan, Tinubu warns ministers

The Federal Executive Council on Monday unveiled a three-year economic recovery plan to address the social and economic challenges affecting the country.

The inaugural cabinet meeting, held in the council chamber of the Presidential Villa, Abuja, was chaired by President Bola Tinubu, who unveiled his vision of "economic growth , prosperity for all and an end to poverty”. . »

Addressing ministers, the President urged them to complete the first phase of his administration's eight-point agenda within three years.

He asked his cabinet members to work hard to revive the country's economy as Nigeria is going through a difficult time.

The President said ministers have the ability to make a difference in the ministries they have been tasked to oversee.

“We will engineer a local reengineering of our finances, a reinvented management of our resources, and we will let the economy work for the people of this country.

“There are so many things we can and will do. Yes, some cynics will say it is impossible. But in your own dictionary in the service, anything is possible, and it must be possible,” he told ministers and other cabinet members.

Stressing that anyone who thought the appointments were fixed-term appointments was wrong, the President said he believed the carefully selected cabinet members knew his government was a new government with a new approach and a new mandate for Nigeria. without any complaints or apologies.

He emphasized: “We have the talent. We have the level of intellectual capacity required to turn this country around. We will ensure the country is on the right path to success on behalf of the over 200 million Nigerians who rely on us. »

Tinubu noted that the country would rely on the experience, skills, intellect and networking of those appointed to move forward in these difficult times.

He warned that cabinet members were appointed to move forward in difficult times, and that failure would not be explained away under his leadership.

“You and I know that expectations are high and times are tough. We must work hard and act to create a vibrant economy that will serve Nigeria.

“We have an unacceptable employment rate and we face the threats of climate change. In order to reverse the situation, you have been selected to give the best of yourselves.

“The implementation of our policies will reform the economy, ensure inclusive growth and strengthen security for peace and prosperity. Without security, there can be no investment,” he stressed.

Tinubu reminded his cabinet that he is one man and his innovative problem-solving thinking would shape his leadership as a listening president.

"It's in your hands now. I am ready to listen and cooperate. I am even ready to be corrected. Only God is perfect," he said.

“You have been asked to fetch water from a dry well. The challenges are great, but we will rise to the challenge for Nigerians. I am happy to be the captain of this vehicle.

“It's a great commitment you've made to the country. Since your inauguration as a minister, you have become a servant of the people, serving all the people at all times,” Tinubu concluded.

Bad Economy

Meanwhile, the president has promised to create about 50 million jobs through the Ministry of Trade and Investment.

Speaking to reporters at the end of the FEC meeting, the Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, explained that the Tinubu administration met with a very bad economy with inflation at 24 percent. .

“The number of inhabitants has fallen steadily, inflation is 24 percent, unemployment is high; you know they are rebasing the way it's calculated. Either way, it is high and youth unemployment is even unacceptably high. These are the key indicators that we encountered. We have encountered a bad economy and Mr. President's promise is to improve it," he said.

The minister also said the federal government was unable to borrow money at this time, adding that the focus was on how to create a macro environment. economy in which local and foreign investors would invest and increase production.

The government also assured Nigerians that the Tinubu administration would not rely on borrowing and that it was committed to being transparent, honest and accountable to the people.

In presenting the highlights of the council meeting, Edun noted, "First, he (Tinubu) congratulated everyone and underscored the high expectations of Nigerians and he encouraged us has...