Economic crisis: Come clean with Nigerians; prioritize competence over loyalty, Bismarck Rewane tells Tinubu

Renowned economist and the Managing Director/CEO of Financial Derivatives Company Limited in Lagos, Bismarck Rewane, has emphasized the critical need for transparency and swift intervention to address Nigeria’s economic woes, citing the alarming state of affairs.

Speaking on a monitored Channels Television programme on Monday, Rewane underscored the absence of any quick-fix solutions to the nation’s economic predicaments, stressing the imperative for candid communication with the Nigerian populace. He urged Tinubu to emulate the post-civil war transparency demonstrated by Chief Awolowo, which ultimately led to the nation’s economic resurgence.

“Transparency is paramount. There’s no instant remedy for Nigeria’s economic challenges. It’s crucial to come clean with the Nigerian people, outlining the full extent of the crisis. Like Chief Awolowo did post-civil war, honesty paved the path to recovery. Tinubu must prioritize plugging leaks and prioritizing competence over loyalty,” Rewane articulated.

He cautioned against resorting to inflationary measures, highlighting the dangerous implications for the nation’s currency and the subsequent escalation of political turmoil. Urging prompt action, Rewane emphasized the need for diligent monitoring and receptiveness to honest, professional feedback to navigate the complexities effectively.

“The urgency cannot be overstated. Timely action is imperative to avert further deterioration. Tinubu must remain vigilant, ensuring accurate feedback to course-correct as needed. Truth is the cornerstone of liberation; without it, progress is elusive,” Rewane concluded, urging a proactive stance in confronting Nigeria’s economic challenges.