Minister of Finance Olawale Edun Highlights Past Economic Stability and Challenges.
In his first press conference as the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun reflected on a period of economic stability in Nigeria that occurred about a decade ago during former President Goodluck Jonathan’s tenure. He emphasized the contrast between that period and the current economic situation.
Read Also Nigerian Newspapers Summary: 10 things You Need to Know Today, September 2, 2023
During the press conference held in Abuja on Friday, Mr. Edun pointed out that between 2013 and 2014, Nigeria experienced a stable economy characterized by a constant foreign exchange (FX) rate and steady interest rates. He noted that during this time, the country had a sufficient foreign exchange reserve, enabling the government to provide funds for investment, importation of raw materials, and machinery.
“If we think back to the last time when the economy was stable – when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about six per cent in 2013 and 2014,” Mr. Edun recalled.
He also highlighted the significant difference in Nigeria’s revenue during that period, mentioning that the country earned over $80 billion annually, compared to the current figure of approximately $25 billion.
Read Also PDP Chieftain gives hint on when FCT Minister, Nyesom Wike, will be expelled
Furthermore, Mr. Edun outlined President Bola Tinubu’s economic vision, agenda, and strategy. He acknowledged that the country’s economy has not progressed as desired and has grown at a rate barely exceeding population growth.
“I think, as we all know, we are not where we should be. The economy is barely growing above the rate of population growth. But it was not always so,” he stated.
Read Also Aaron Abraham: Nigerian Soldier Dismissed for Preaching About Jesus in Uniform on Social Media
“In trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.”
What is Mr. Wale Edun saying?
Tinubu’s Minister, Wale Edun, is saying that Nigeria’s economy is at its worst under Buhari. He claims that the only period of economic stability was during the regime of Goodluck Jonathan
The Minister of Finance’s remarks shed light on the challenges facing Nigeria’s current economic landscape and the need for strategic planning and policy measures to address them and steer the nation towards a more prosperous future.
