The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, on Tuesday claimed that Nigeria is currently better than it was when President Bola Tinubu assumed office on May 29, 2023.
Speaking when he appeared before the House of Representatives, the Minister said the Nigerian economy was almost collapsing before Tinubu assumed power.
He, however, added that the policies introduced by the current administration have now set the country on the road to economic recovery.
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 Minister added that under the previous administration, fuel subsidies and wrong foreign exchange policies resulted in wasteful and unsustainable spending.
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.”
Edun stated that though inflation has increased and prices of other things have spiked, Tinubu is committed to improving the quality of life of Nigerians and ensure no one is left behind.
“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,” Edun added.