Renowned economist Mr. Bismarck Rewane has called on the federal government to be transparent with the public regarding the state of the economy and the measures being taken to address current challenges.
Amidst soaring inflation and high living costs, Nigerians are grappling with tough times, leading to protests in some states.
Rewane, CEO of Financial Derivatives Company, stressed the urgent need for Nigeria to inject new funds into the economy to weather the ongoing economic downturn.
Speaking on Channels TV Politics, Rewane emphasized the necessity for efficient implementation of policies, warning that failure to act decisively could lead to disorder.
He urged the government to confront the situation honestly, drawing parallels with Chief Awolowo’s candid approach during the civil war.
Emphasizing the importance of competence over loyalty, Rewane advised against printing more money, cautioning that it could exacerbate inflation and trigger political crises.
Highlighting the scarcity of truth in Nigeria, he urged the government to prioritize honesty and integrity in addressing the challenges.
Regarding solutions, Rewane underscored the need to boost productivity, suggesting realistic adjustments to the minimum wage and addressing system leakages.
He advocated for fiscal policies that incentivize productivity, including concessioning roads and airports and reducing government involvement in sectors lacking competence or integrity.
Rewane stressed the importance of utilizing increased revenue from subsidy reductions and exchange rate adjustments to fund essential initiatives and propel economic recovery.
