First FEC meeting: Revive ailing economy, Tinubu orders ministers

Johnbosco Agbakwuru, ABUJA

The Federal Government released an eight-point plan to rebuild the country's faltering economy yesterday.

While claiming that the current administration inherited a bad economy with a 24% inflation rate and unacceptably high unemployment, the Federal Government stated that the 8-point agenda was based on eight priority areas with identified targets that would be delivered over the next three years.

These are food security, poverty eradication, economic growth and job creation, access to capital, particularly consumer credit, inclusivity in all its forms, particularly for youths and women, improved security, a level playing field for people and businesses, rule of law, and, of course, combating corruption.

Furthermore, the government promised Nigerians that President Bola Tinubu's administration will not rely on borrowing and that he has pledged to be truthful, honest, and accountable to the people.

'50 million jobs on the way'

This comes on the heels of the President's commitment to create approximately 50 million jobs through the Ministry of Trade and Investment.

While fielding questions from journalists at the end of the inaugural Federal Executive Council, FEC meeting, presided over by President Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said that the Tinubu administration faced a very bad economy with inflation at 24%.

When asked to characterize the type of economy the government encountered on the ground, he stated, "Per capita has fallen steadily, inflation is at 24%, unemployment is high, and you know they're rebasing the way it's calculated."

"Either way, it is high, and youth unemployment is even unacceptably high; these are the key metrics that we have met."

When asked to elaborate on the type of economy encountered by the Tinubu administration on the ground, the Minister stated, "We met a bad economy, and Mr. President's promise is to make it better."

He also stated that the Federal Government is not in a position to borrow money at this time, emphasizing the importance of creating a macroeconomic environment in which both domestic and foreign businesses will invest and enhance output.

Dr. Doris Anite, Minister of Trade and Investment, stated that the President must create 50 million jobs.

Ministers are given marching orders.

Meanwhile, President Tinubu has issued a marching order to cabinet members in order to resurrect the economy and make life more tolerable for the people.

The marching orders were issued during the council meeting during which the "Roadmap for the Economy" presented by the Minister of Finance and Coordinating Minister for the Economy was discussed. The council, according to Edun, concurred that the economy is not where it should be.

Agenda with eight points

He stated that the FEC assessed eight priority areas and defined priorities for the next three years.

He confirmed that President Tinubu has charged the ministries with implementing plans and programs to turn the economy around.

"First, he congratulated everyone and emphasized Nigerians' high expectations, and he encouraged us to be bold, courageous, and innovative in delivering a better life to all Nigerians," he said.

"Essentially, we went through a process of assessing where things stood in terms of the economy, growth rate, exchange rate, inflation, unemployment, and so on."

"The overarching conclusion is that we are not where we should be, and we also examined the President's eight-point agenda, which are the eight priority areas for moving the Nigerian economy forward and delivering to Nigerians, and these are basically food security; ending poverty, economic growth and job creation, access to capital, particularly consumer credit, inclusivity in all its dimensions, particularly with regard to youths and women, improving security, and improving the economy."

"It is around this matrix that the plans and targets of what will be delivered in the next three years or so were identified, discussed, and inputs were given by various ministers, and we'll now go away with the marching order to refine further the targets in particular and start rolling out policies and programs to turn around the economy and make things better for all Nigerians within weeks." That was the crux of the debate."

When asked how the government would repay the loans, he stated, "Clearly, the Federal Government is not in a position to borrow at this time." Rather, the emphasis must be on creating a stable macroeconomic environment, including stable inflation and a stable exchange rate.

"An environment in which people can come and invest, increasing output and further growing the economy."

"Improve and create jobs, as well as reduce poverty." So, the goal of all changes at this moment is to focus on equity in order to encourage investment from Nigerians. Investment by foreign direct investors, as well as portfolio investors, who wish to invest in financial parts of the Nigerian economy, such as the stock market or the bond market.

"That's the plan. That is the expectation, and there will be no dependency on borrowing. Rather, as revenues rise, the benefit of eliminating the gasoline subsidy and the exchange rate subsidy implies greater money for the government at all levels.

"Because, of course, the federation earns dollars through oil revenue, and if those dollars are feeding through at, say, 700/750 or so naira to one dollar as opposed to 460 before; clearly, that is repairing the finances of government at the federal, state, and local government levels." That is the plan."

In a briefing, Dr. Ali Pate, Coordinating Minister of Health and Social Welfare, said, "The President's vision is one of economic growth, prosperity for all, and the abolition of poverty. I believe the Coordinating Minister of the Economy laid out those important priorities, which were discussed in the Council Chambers."

"The people are Nigeria's most important asset, its youthful population and the human capital that is bestowed upon that youthful population."

"As a result, Mr. President's vision includes the idea of harnessing the human capital of our young population in order to achieve prosperity for all."

"To mobilize our country's social capital, uniting us as a people, to drive this transformation that is his administration's direction, that includes dealing with nutrition, food, and we have the Minister of Agriculture and Food Security." Health, preventive diseases, and health quality are not only areas that help people live healthier lives; healthier individuals also fuel economic growth. Education, to ensure that no one is left behind, so that any child can aspire to the greatest levels, so that we can have an inclusive economy, as expressed by the Minister of Finance and Coordinating Minister.

"The poorest and most vulnerable populations; girls, women, children, and the disabled are critical components of this administration's human capital agenda."

"The bias is toward action so that we can get things done, and he's very clear that the President wants us to domesticate our efforts within our own national context, but also to be very practical in our interventions."

"With those marching orders, we now have our work cut out for us, and as the Coordinating Minister of the Economy indicated, we will continue to refine."

"The President has high expectations, and he urges us to ensure that Nigerians' high expectations are met, and I believe that the entire cabinet is excited to follow the President's directions and begin to deliver for Nigerians."

Tinubu challenges ministers during the opening FEC meeting.

"It is a great commitment that you have for the country," the President stated at the inaugural FEC. Since the inauguration, being appointed as minister means becoming a servant for the people and serving all of them.

"Nigerians have high expectations of all of us. As I stated during the inauguration, I am the bus driver and you are the conductor.

"We must ensure that this country remains on the right track to success on behalf of over 200 million Nigerians."

"We gladly accepted the appointment, and I gladly accepted the mandate of Nigerians." I have delegated some of these abilities to you in order to serve the country.

"You are a very lucky person to have been chosen from among millions of Nigerians, and we will use this opportunity to demonstrate that Nigeria has what it takes to dig itself out of its problems."

"We must find a homegrown solution for reengineering our finances, managing our resources, and allowing the economy to work for the people of this country."

"There are so many things that some will say are impossible." However, in your service lexicon, everything is conceivable and must be feasible.

"We have the talents and intellectual capacity to turn this country around." We both know that the stakes are huge, and it's a difficult moment right now.

"We must work hard, commit ourselves, and build a thriving economy that will benefit every Nigerian." We have an unacceptable level of employment. Climate change poses a threat to us. We are still experiencing underemployment.

"However, in order to turn things around, you have been chosen to give your all. The policy agenda will be devised to improve the economy in order to achieve sustainable and inclusive growth, as well as to strengthen national security in order to achieve peace and prosperity.

"There can be no investment without security." That is correct. You must persuade them, and the time has come to do so.

"When you look around the world, every leader is clamoring for what they believe should be there — food security policy." A state of emergency has been declared.

What is your objective?

"Each of you is a member of this team." There will be no dividing among you. We can do whatever we choose with the responsibility that has been assigned to us. But it is entirely up to you to keep focused; if you do, we will all arrive at a better destination, and the country will benefit as a result.

"We must liberate this country's energy and natural resources." We must begin generating for ourselves in order to dig ourselves out of this hole. We must prioritize education, healthcare, and social investment as critical components of our people's development.

"Our economic programs define our priority areas." Every area is our focus, and you belong in the driver's seat to realize and fulfill that objective for the entire nation and continent of Africa.

"You must achieve the expected level of economic growth." We need to feed our people. To please Nigerians, we must use what we have and grow even more. Everything is now in your hands.

"I am prepared to listen." I am prepared for corrections, as I stated to the NBA yesterday. Only God is without flaws. Make decisions without fear. That is the responsibility of leadership.

"I understand that some of you are still seeking for office space. "I believe the SGF, COS, and HOSOF will work together to quickly settle you down."Consider yourself in this circumstance, and you've been asked to gather water from a dry well.There will be hurdles, but we will deliver for Nigerians.

"Once again, I welcome all of you, and I am happy to be the driver/captain of this vehicle, and I am very proud of all of you."