In a recent interview on Channels Television’s Business Morning show, prominent economist Bismarck Rewane asserted that Nigerians are more concerned about the prices of essential goods than the intricacies of budgetary figures.
He emphasized that the impact of economic policies on day-to-day livelihood is crucial for citizens.
He said, “The people are not interested in whether the budget is balanced or what the debt is. How does it affect their day-to-day livelihood? That is the key thing.”
President Bola Tinubu’s presentation of the proposed N27.5 trillion 2024 budget aimed at micro-economic stability, poverty reduction, and improved social security. Despite these intentions, Rewane, the Managing Director of Financial Derivatives Company Limited, expressed skepticism, emphasizing that citizens are under considerable pressure due to rising prices.
Analyzing the budget proposal, Rewane highlighted the need for tangible impacts on the people, stating, “People need to feel the impact. The impact is not going to be felt because of 10 or 12% of GDP, that is, N27 trillion; it has to be more.”
He addressed the issue of honesty in government communication, asserting that honesty is lacking and urged transparency about economic realities. According to Rewane, “You can fake news, but you can’t fake prosperity.”
He emphasized the importance of attracting investors for economic growth, stating that a safe and conducive environment is necessary for investors to contribute significantly. Rewane concluded by noting the increased challenges, including mental health issues, driven by poverty, urging the government to address the pressing concerns faced by its citizens.
In summary, Rewane’s insights shed light on the prevailing sentiment among Nigerians, emphasizing the need for concrete impacts on daily life rather than mere budgetary figures.