The Federal Executive Council (FEC) has introduced a comprehensive three-year economic revival plan to address Nigeria's economic and social challenges. During the inaugural cabinet meeting presided over by President Bola Tinubu, the plan was unveiled, focusing on economic growth, poverty eradication, and enhancing prosperity for all. Tinubu urged ministers to prioritize implementing the administration's eight-point agenda within three years, emphasizing the need to revive the nation's economy during difficult times.
Tinubu noted that his government aims to reform the economy, foster inclusive growth, enhance security, uphold the rule of law, and combat corruption. He highlighted the importance of a thriving economy for attracting investment and addressing unemployment. Tinubu also warned his ministers that their appointments are not fixed-term, emphasizing that his administration aims for results and will not accept failure.
Moreover, President Tinubu pledged to generate about 50 million jobs through the Ministry of Trade and Investment, signaling a commitment to addressing unemployment challenges. Despite the challenging economic circumstances, the administration intends to create a macroeconomic environment conducive to both local and foreign investment, rather than relying heavily on borrowing.
In an effort to control government spending, Tinubu directed the Foreign Affairs Ministry to freeze visa processing for Nigerian officials attending the UN General Assembly in New York unless they can provide evidence of direct participation in official activities. The move reflects Tinubu's commitment to prudence and economic restraint in governance