Bismarck Rewane, chief executive officer of Financial
Derivatives, says Nigeria’s economy is expected to experience growth in the
first quarter of 2024.
Rewane, who was a guest on Arise News on Saturday, said
Nigerians will have to endure “more pain” before next year.
“The bad news is that there is pain and they will be more
pain in the short run but the good news is that there will be gains in the
first quarter of 2024,” he said.
“I used to think that you will get that sooner, but you will need to have your supplementary budget and recycle money into the system.”
In his inaugural speech as president on May 29, Tinubu
announced the removal of petrol subsidy, a declaration that resulted in a hike
in the pump price of petrol.
TheCable reported on Tuesday that the price had surged to
N617 per litre in the federal capital territory (FCT) and environs, whilst it
is sold for around N568 a litre in Lagos.
George Akume, secretary-general to the government of the
federation (SGF), on Saturday, asked Nigerians to be patient while the
government implements solutions to “normalise” the price of petrol.
The former Benue state governor described the petrol subsidy
regime as regressive, adding that the annual payments were not sustainable and
that Tinubu “had to act”.
Akume also said Tinubu’s actions of unifying the exchange
rate and rejigging the country’s security architecture were proof of his
commitment to securing the country’s future.
Commenting on the exchange rate, Rewane said: “What system
is being used to keep your exchange rate from being misaligned fundamentally, I
think that’s the key issue.
“The exchange rate is misaligned because there are certain
things that are being done that affect it. For example, you are holding some
variables constants while allowing some variables to change.
“In reality, no
variable should be constant. Any economist who says a variable is in constant
is practising partial equilibrium analysis and it doesn’t work.”
On June 14, the Central Bank of Nigeria (CBN) announced the
unification of all segments of Nigeria’s FX market, and the floating of the
local currency.
The policy was geared towards collapsing all FX windows into
the investors and exporters (I&E) window.
This Man should go and sit down please, this is the same Man that was part of BUHARI Advisory's committee on economy for "8 good Years" did Nigerian benefits anything from their so called economist than putting Nigerian in more problem because of their selfish interest. Oga please, go and sit down somewhere.
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