Nigerians Not Interested In Budget Figures If Prices Of Bread, Rice Not Reducing’ – Rewane

Date:

Nov 30,2023.

Thank you for reading this post, don't forget to subscribe!

Prominent economist Bismarck Rewane said Nigerians are not interested in budgetary figures if the prices of basic commodities like rice, bread, and garri fail to go down.

Rewane stated this in an interview on Channels Television’s Business Morning show on Thursday.

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, at his maiden budget presentation before the National Assembly on Wednesday, said the proposed N27.5 trillion 2024 budget will ensure micro-economic stability, poverty reduction, and greater access to social security.

The president highlighted priority areas such as security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security.

He fixed recurrent non-debit expenditure at N9.92trn, capital expenditure at N8.73trn, debt service at N8.25trn, revenue at N18.32trn, new borrowings at N7.83trn, and deficit at N9.18trn.

But Rewane, the Managing Director of Financial Derivatives Company Limited, analysing the budget proposal, said in the final analysis that the people are not interested in figures but want to feel the impact of the government’s economic policies as many are under pressure.

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.”

Rewane said the government must be honest with Nigerians about the economic realities, saying that “honesty is in short supply.”

According to the economist, people cannot start pretending to be happy.

He said, “You can fake news, but you can’t fake prosperity.”(www.naija247news.com)

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

India And Russia Foster Enduring Partnerships

By Kestér Kenn Klomegâh As President of the Indian...

“Sanwo-Olu Tests Red Line Train Before Commissioning”

•Governor takes 15mins trip from Ikeja to Iju, says...

Gunmen Kill NDLEA Officer, Abducts Three Others In Sokoto

February 24, 2024. Azonuchechi Chukwu. Gunmen who struck along Sultan Abubakar...

Lagos-Based Businessman On The Run After Beating His Wife To Death

February 24, 2024. Azonuchechi Chukwu. Authorities are in pursuit of Stephen...
WP to LinkedIn Auto Publish Powered By : XYZScripts.com