Buhari in trouble as Rewane picks holes in 2016 Budget.

The Managing Director and Chief Executive of Financial Derivatives Company Limited, Bismarck Rewane has ascribed the present economic downturn bedeviling the nation to inefficiency on the part of President Muhammadu Buhari which he said was worse than corruption.

Rewane made this known while analyzing the 2016 Budget on Channels television and faulted Buhari’s lack of urgency in solving Nigeria’s economic challenges. However he described the proposed 2016 appropriation bill as a welcome development but picked holes in its assumptions.
The common man on the street is not bordered about the huge N6.08tillion budget, all he is concerned is how his brother will get a job, will I buy things cheaper than I did last year, will I continue to queue to buy fuel, will I be able to pay my house rent, Children school fees among several others.
“For the past few months, Nigeria has suffered from inefficiency due to lack of proper policy direction. Most sectors both private and public have been operating on a minimal scale due to several economy factors, remove inefficiency by stimulating the economy every other issue will fall in line.
Buhari has in the last seven months of his administration neglected the economy and focus mainly on his anti-corruption crusade, which has caused job losses and hardship caused by his tacit economic policy direction.
Rewane therefore challenged Buhari to immediately address the current economic hardship by ensuring that the budget is fully implemented.
“Fortunately, 2016 budget is an indication that the economy will be stimulated as government voted more funds for Infrastructure, Health, Education, than Defense. Although implementation is key in achieving success, 2016 budget should not be a paper reform; it should translate to individual lives.
“The question is what are we going to do to keep inflation within checks? How are we going to control market forces, such as banks, marketers, intermediary agents?
He however advocated N185-N220 as benchmark for forex trading adding that Insurgency, Social unrest, Fuel hike if not properly managed might lead to economy drawback.
Also reacting to the Budget of change, the Chief Executive Officer, CEO, BudgIT, Seun Onigbinde decried the late submission of the appropriation bill, tagging the delay as only a recipe for poor budget monitoring and performance.
“By September present your budget, by October, November it will be processed and by December it will be passed into law. With all indication, 2016 budget cannot begin in January, it will commence when the President signs it into law from now till March next year.
“2016 budget deficit is too huge, as N1.835 trillion will be borrowed, our Gross Domestic Product, GDP, today is the lowest in the Southern Sahara, in Africa, and in the world.”