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Monday, September 25, 2023

Tinubu chairs inaugural FEC meeting, insists his government won’t borrow like Buhari (Photos)

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President Bola Ahmed Tinubu has chaired the inaugural meeting of the Federal Executive Council (FEC) at the Council Chambers of the Presidential Villa, Abuja, as he insisted that his government won’t rely on loans like the former president, Bola Ahmed Tinubu.

The council’s role, as written in the Ministers’ Statutory Powers and Duties Act, is to serve as an advisory body to the president, who serves as its chairman.

The FEC has a constitutional role in advising the president to determine the direction of government, although the president is the ultimate executive decision-maker.

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The FEC is the cabinet of the federal government and is part of the executive branch with the role to serve as an advisory body to the president, who serves as its chairman.

Members of the cabinet are appointed and report to the president. 


Vice President Kashim Shettima, Secretary to the Government of the Federation, George Akume, and the Head of the Civil Service of the Federation, Folasade Yemi-Esan attended the meeting.

Others attending the meeting include the Chief of Staff to the President, Femi Gbajabiamila, the new ministers as well as other top government functionaries.

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

Asked to describe the kind of economy the government met on ground, he said: “Per capital has fallen steadily, inflation is at 24 percent, unemployment is high; you know they are rebasing the way in which it’s calculated.

“Either way, it is high and youth unemployment is even unacceptably high. These are the key metrics that we have met.”

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Asked to be specific on the the kind of economy the Tinubu administration met on ground, the Minister said, “We met a bad economy and the promise of Mr. President is to make it better.”

He also said that the Federal Government is not in a position to borrow money at this time, adding the emphasis is on how to create a macro-economic environment where both local and foreign investors will invest and increase production.

On her part, the Minister of Trade and Investment, Dr. Doris Anite, said that the President has to create 50 million jobs.

Meanwhile, President Tinubu has given the cabinet members a marching order to marshal the revival of the economy and make life more bearable for the people.

The marching order was given at the council meeting where “Roadmap for the economy” presented by the Minister of Finance and Coordinating Minister for the Economy was considered.

Edun said the council agreed that the economy is not where it should be.

He said FEC examined eight priority areas and identified targets to deliver in the next three years.

He affirmed that President Tinubu had charged the ministers to roll out policy and programmes to turn around the economy.

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