“Nigerians Not Interested In Budgetary Arithmetic If Bread, Rice Prices Don’t Decrease” — Rewane

Popular economist, Bismarck Rewane, has said that citizens are not interested in budgetary figures if the prices of commodities like rice, bread, and garri don’t go down.

The Managing Director of Financial Derivatives Company Limited, made this known during his appearance on Channels Television’s Business Morning show on Thursday, emphasized the public’s focus on the cost of basic necessities over complex budget figures.

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 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 and what the debt is. How does it (the budget) affect their day-to-day livelihood? That is the key thing.”

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“And as you know, prices are up and people are under tremendous pressure.

“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. 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 N27trn; it has to be more. Where is the more 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.”