Prominent economist, Bismarck Rewane expressed the sentiments of many Nigerians, stating that the populace is more concerned about the prices of essential goods than the intricacies of budgetary mathematics.
In an interview on Channels Television’s Business Morning show, he said,
“In the end, budgetary arithmetics, budgetary mathematics in economics, is of no use to anybody except when, by this time, six months’ time, if we are buying rice at N40,000 a bag rather than N60,000 a bag, if we are buying bread at N900 a big loaf instead of N1,300, which we are doing today. If we are buying garri at lower prices.
“The people are not interested in whether the budget is balanced or what the debt is. How does it (the budget) affect their day-to-day livelihood? That is the key thing.”
President Bola Tinubu’s recent budget presentation, outlining a proposed N27.5 trillion budget for 2024, aimed at achieving micro-economic stability, poverty reduction, and increased social security. However,
Rewane argued that Nigerians are not interested in figures but in tangible improvements in their daily lives.
“People are not interested in whether the budget is balanced or what the debt is. How does it (the budget) affect their day-to-day livelihood? That is the key thing,” he asserted.
He said, “And as you know, prices are up and people are under tremendous pressure,” adding that the rate of poverty in the country is driving people mad.
“You will notice that on the streets of Lagos in particular, the number of lunatics has increased, and part of it is driven by poverty. There are many mental health issues. People are pushed to the wall. Some of them walk across the road, even in moving traffic.
“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. Where is the money going to come from?
“It’s going to come from investors, and investors are going to come here when they are sure that their money is safe and the environment is clean, and they can look forward to a brighter future.”
While Tinubu highlighted priority areas such as security, job creation, macro-economic stability, and poverty reduction, Rewane questioned the practical impact on citizens. He critiqued the proposed budget’s reliance on figures, stating, “You can fake news, but you can’t fake prosperity.”
Rewane, the Managing Director of Financial Derivatives Company Limited, urged the government to be honest about economic realities, emphasizing that “honesty is in short supply.” He pointed out the pressing issue of rising poverty, noting an observable increase in mental health challenges among the populace.
“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. Where is the money going to come from? It’s going to come from investors,” Rewane asserted, highlighting the need for a safe investment environment.
In conclusion, the economist stressed the importance of genuine improvements in the lives of Nigerians over statistical achievements, echoing the sentiments of many who find themselves under increasing economic pressure.
