People are not interested in whether the budget is balanced and what the debt is, how it affects their day-to-day living is the key thing – Economist, Rewane

Prominent economist Bismarck Rewane has expressed the view that Nigerians will not show keen interest in the budget unless there is a noticeable reduction in the prices of essential commodities like rice, bread, and garri.

Rewane, who serves as the Managing Director of Financial Derivatives Company Limited, conveyed this sentiment on Thursday, November 30.

During his inaugural budget presentation before the National Assembly on Wednesday, President Bola Tinubu asserted that the proposed N27.5 trillion budget for 2024 aims to achieve micro-economic stability, poverty alleviation, and improved access to social security, among other objectives.

Reacting to this Rewane 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.”

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