Nigerians Seek Immediate Impact on Daily Lives, Not Budget Figures, Rewane Tells FG

Renowned economist Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, asserts that Nigerians are indifferent to budgetary figures unless there’s a tangible reduction in the prices of essential commodities like rice, bread, and garri.

During a live appearance on Channels Television’s Business Morning show, Rewane emphasized the disconnect between budgetary arithmetic and the daily lives of Nigerians. He stated, “The people are not interested in whether the budget is balanced and what the debt is. How does it affect their day-to-day livelihood? That is the key thing.”

President Bola Tinubu’s recent budget presentation highlighted priorities such as security, job creation, economic stability, investment environment, human capital development, poverty reduction, and social security. However, Rewane stressed that the populace is more concerned about the immediate impact on their standard of living.

Analyzing the budget proposal, Rewane expressed concern about the rising rate of poverty leading to mental health issues. He pointed out a noticeable increase in the number of people facing mental health challenges, attributing it to economic hardships. He asserted, “People are pushed to the wall. Some of them walk across the road even in moving traffic.”

Rewane emphasized the need for the government to be transparent about economic realities, stating that honesty is crucial. He highlighted the importance of attracting investors by creating a safe and conducive environment. “You can fake news, but you can’t fake prosperity,” he concluded.