Bismarck Rewane, a renowned economist, has stated that Nigerians are less concerned about budget figures and more focused on the tangible effects on their everyday lives, particularly the reduction in prices of essential commodities like rice, bread, and garri.
In an interview on Channels Television’s Business Morning show, Rewane underscored the disconnect between budgetary arithmetic and the common man’s reality.
He articulated, “The budget’s impact matters when it translates to reduced prices in our daily essentials. If we experience a decline in the cost of rice from N60,000 to N40,000 per bag or a loaf of bread from N1,300 to N900, that’s what resonates with the people.”
President Bola Tinubu, during his inaugural budget presentation before the National Assembly, outlined a comprehensive plan within the proposed N27.5 trillion 2024 budget, targeting macroeconomic stability, poverty alleviation, and enhanced access to social security.
However, Rewane, the Managing Director of Financial Derivatives Company Limited, expressed skepticism about the tangible effects of budget figures on Nigerians’ day-to-day lives amidst growing economic pressures.
He stressed, “The budget’s numerical values do not alleviate the pressures felt by many.”
Rewane highlighted the stark reality of poverty’s impact on mental health, referencing a surge in mental health issues and a visible increase in vulnerable populations, especially on the streets of Lagos, attributing this surge partly to the economic strain faced by individuals.
“People need genuine impact, not just figures on paper,” Rewane emphasized, emphasizing that the success of economic policies hinges on creating an environment conducive to attracting investors. He stressed the necessity of a secure environment and promising prospects for investment.
Addressing the government’s role, Rewane advocated for transparency, stating, “Honesty about our economic situation is paramount; we cannot pretend to be content amid hardship.” He concluded by affirming that while news may be manipulated, true prosperity cannot be fabricated.
