By Ken Afor
Mr. Bismarck Rewane, a foremost economist and Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, has called on Nigeria’s President, Bola Ahmed Tinubu, to appoint competent hands that will address the country’s economic problems following the continued rise in prices of goods and services.
Rewane, who made the call in an interview on Channels Television, also advised the President to be honest with himself, stating that “there is no quick fix to Nigeria’s economic problems”.
He emphasized that the President should be straightforward with the Nigerian people and inform them about the severity of the economy.
Evidently, Tinubu’s economic policies since his assumption of office on May 29 have not been making things easy for the people.
On Monday, some residents in Minna, Niger State, took to the streets in frustration to protest over the high cost of living.
It would be recalled that the President, in his inauguration speech, declared the end of the subsidy regime on fuel. The resultant effect of the subsidy removal, which largely affected the transport sector, has left untold hardship on Nigerians who commute daily to work.
According to the economist, the country’s economy which collapsed during the civil war between July 6, 1967 and January 15, 1970 was restored under the administration of Chief Obafemi Awolowo, who knew what to do and how to implement his agenda.
Rewane said, “You have to be honest to yourself. There is no quick fix to Nigeria’s economic problem. Come clean to the Nigerian people and tell them that this is the extent of the problem. We did it after the civil war. Chief Awolowo came and said what to do. At the end, everything was rebuilt and the economy came back to where it was supposed to be.
“So come clean; block the leakages; and look for competence. Competence is more important at this time than loyalty. Look for competence and make sure that you execute efficiently.
With the current inflation figure standing at 21.82%, according to the National Bureau of Statistics (NBS), Mr. Rewane advised against the notion that printing more money would solve the issue, cautioning that it might have a multiplier effect on the economy.
While urging the President to act swiftly, he emphasized the necessity for him to establish a trusted feedback mechanism and personally monitor the situation.
He added, “Any solution that requires printing more money is not the panacea for inflation. Inflation is the beginning of the end of a currency and the end of a currency is the beginning of political crises.
“The situation is not looking good. You (Tinubu) have to do something and do it in a hurry. And make sure you get feedback so that you are monitoring the situation because the feedback you get may be wrong. You may think you are on the right path, while you are on the wrong path. Honest and professional feedback as to what the truth is. Without the truth you cannot set the people free.”
