Business

Expect tough decisions, reforms in 2024 — Expert

Financial analyst and Chief Executive Officer of Financial Derivatives Company, Mr Bismarck Rewane, has cautioned that Nigerians anticipating economic relief in the new year may have to wait until the second half of the year, as the first half of 2024 is expected to involve tough decisions from the government.

Rewane issued this warning during the 2024 Economic Outlook and Budget Analysis, an event organized by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos on Tuesday.

The former General Manager, International Merchant Bank Nigeria Ltd., while speaking on the topic, ‘Building Economic Resilience in 2024: Strategies for a Sustainable Future’, stated that though the first half of the year may be used to make tough decisions and embark on more economic reforms, Nigerians may begin to enjoy the benefits of such decisions in the second half of the year, into 2025.

“There will be lags between policies, the initial impact, and the final impact. The first half of the year will be for decision-making, the second half will be for policy implementation, and the results of the policies will begin to show in this half and into 2025.

“There will be hiccups along the way, but there is a flicker of hope in this dark tunnel that we’ve found ourselves in,” he stated.

Rewane, however, stressed the need for the government to also embark on institutional reforms, noting that coming up with new policies without reforming the government’s institutions would only make matters worse.

On Dangote Refinery’s commencement of operations, Rewane noted that while the development will guarantee a steady supply of fuel, it may not necessarily result in a slash in fuel prices.

Speaking at the event, the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, stated that contrary to beliefs in some quarters, the committee was not to be set up to put additional tax burdens on Nigerians.

He assured Nigerians that the essence of the committee is to harmonise all the existing taxes to enable it to achieve a single-digit tax target.

“We are rewriting all major tax laws. We are not amending. And we believe what should be the concern of Nigerians now is ensuring that funds that accrue from this process are judiciously spent,” he stated.

In his welcome address, the President of the Lagos Chamber of Commerce and Industry, Mr Gabriel Idahosa, explained that the annual event was put together to enable stakeholders to dissect the 2024 budget while predicting the shape the nation’s economy may take in the new year.

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