Nigeria was on the road to economic disaster before May 29 – Edun

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The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun believes the country is on the path to recovery, saying Nigeria was heading to economic disaster before President Bola Tinubu came to power in May. 

Edun disclosed this on Tuesday during his appearance before the House of Representatives to speak on the state of the economy. “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,” he told the lawmakers in Abuja.

“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 coordinating minister of the economy also noted that the country’s expenditure before the current administration was wasteful and unsustainable.

“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,” he said.

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