Budgetary arithmetic may be important, but all Nigerians want is to be able to buy bread, rice, and other foodstuff at a price that their wage can accommodate while they could still save and invest for the future.
While the downturn persists since removal of the petrol subsidy, economists and people of knowledge peruse the flow, identifying areas that are pinching so hard.
Renowned economist, Bismark Rewane, is one of such people who take time to study the Nigerian economy.
He says the rate of poverty in the country is increasing mental health cases.
Rewane wants the government to realise that Nigerians are not interested in budgetary figures if prices of rice, bread, and garri don’t go down.
He said: “What we need is a security architecture that works and a situation where the food prices are affordable”.
Economic Stability
Also, the economist said: “We want to be able to buy a bag of rice at ₦40,000 in six months’ time instead of ₦60,000 it currently sells for.
“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”.
President Bola Tinubu at his maiden budget presentation said the proposed ₦27.5trn 2024 budget would ensure macroeconomic stability.
Presenting the ‘Renewed Hope Budget’ before the National Assembly, he said he hoped to reduce poverty by 2024.
A People Under Pressure
He highlighted the focus of the budget to include security, job creation, macroeconomic stability, and human capital development.
Analysing the budget, Rewane said the people were not interested in figures.
All they want is to feel the impact of the government’s economic policies, he said.
According to him, many are under pressure.