Nigerians Prioritize Food Price Surge Over 2024 Budget
Nigerians Prioritize Food Price Surge Over 2024 Budget, Says Leading Economist Bismarck Rewane, the Managing Director and Chief Executive Officer of Financial Derivatives Company Limited,
He underscored the prevailing concern among Nigerians, emphasizing their distress over soaring food prices rather than the details of the 2024 budget recently presented to the National Assembly by President Bola Tinubu.President Tinubu Presents N27.5 Trillion Budget
During an appearance on Channels Television’s ‘Business Morning’ show, Rewane highlighted the populace’s predominant focus on the immediate impact of economic decisions. “Budgetary arithmetic holds no significance unless it translates into tangible relief for the common citizen,” he articulated.
“The budget’s balance or debt metrics matter little to the people. What they genuinely care about is its effect on their daily lives,” Rewane expounded, emphasizing the economic indicators that directly affect households.
President Tinubu, in presenting the 2024 budget proposal to the 10th National Assembly in Abuja, targeted a 3.76% economic growth, prioritizing national security, local job creation, and poverty alleviation under the banner of the ‘Budget of Renewed Hope.‘
Emphasizing the importance of a stable macroeconomic environment to stimulate private investment and expedite economic advancement, Tinubu outlined key objectives for economic revitalization.
However, Rewane underscored the populace’s escalating frustration amid the country’s challenging economic climate. He emphasized the surge in poverty levels, attributing it to mental health challenges among citizens.
“Poverty-induced mental health issues are rampant. The visible rise in individuals grappling with mental health challenges, often manifested in erratic behavior, is closely tied to the prevailing economic hardships,” Rewane lamented.
Asserting the necessity for a tangible impact from the budget beyond mere GDP percentages, Rewane stressed the need to attract investors by ensuring a secure investment climate and a promising future.
“Prosperity cannot be feigned. The government must candidly address the stark economic realities without resorting to pretenses,” Rewane affirmed, emphasizing the need for honesty in communicating the country’s economic situation.
As Nigerians grapple with escalating food prices and mounting economic pressures, Rewane’s commentary sheds light on the disconnect between macroeconomic policies and their tangible impact on citizens’ day-to-day lives, urging for a more inclusive and impactful economic strategy.