Bismarck Rewane, an economist and Managing Director/Chief Executive Officer of Financial Derivatives Company Limited in Lagos, has urged President Bola Ahmed Tinubu to tell Nigerians the truth and do something quick to save the nation’s economy, saying the situation is not looking good.
Rewane stated this during an interview on Channels Politics Today.
He said that there is no quick fix solution to Nigeria’s economic challenges.
He said that what the president needed to do at the moment was to block the leakages and look for competence rather than loyalty.
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.
“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.”
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