Seun Onigbinde, the co-owner of BudgIT is our guest on the Mic On podcast this week.
He sits with the host, Seun Okinbaloye to share his perspectives on various pressing topics ranging from Central Bank’s policies to Nigeria’s economic landscape, including the fluctuating state of the Naira and the 2024 national budget.
They touched on the twists and turns of the Senator Ningi Saga, transparency in the National Assembly’s spending practices, strategies in the ongoing anti-corruption war, and the management of federal allocations by state governors, among other topical areas.
On the fluctuating Naira, Onigbinde asserts, “You can’t use the (current) exchange rates to judge the performance of the economy… our currency is not performing and… it’s not going to change.” He emphasizes the need for Nigeria to transition into a more productive economy to stabilize the currency, stating, “The underlining fact is that we (Nigeria) are not a productive economy.”
Reflecting on governance, Onigbinde criticises both current and proposed administrations, highlighting the need for effective leadership and policy coherence.
He says the 2024 budget is a “disaster” and questions the efficacy of both Buhari and Tinubu’s cabinets. He advocates for a leaner government structure, saying, “What we have in Nigeria is a political class living luxuriously! The lifestyle of politicians is where the cutting of costs has to start. If I were the president, I would cut the size of the aides and the cabinet. I have streamlined as much as possible. At least, 20–25 ministers are okay.”
While acknowledging the challenges faced by young Nigerians regarding youth involvement in politics, Mr. Onigbinde, therefore, encourages youth engagement beyond protests, urging them to articulate their concerns and engage with political parties to effect change. “It’s time for the young people, but will they get the opportunity? It’s not too late (for the youths) to start (ahead of 2027). They could start bringing issues that matter to them. We can’t say we want to go in one direction. Make sure all parties (APC, PDP, Labour Party) hear about it (important issues).”
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