“Go Back To Financial Mathematics Class!” — Chinedumije Ibezim Blasts Benjamin Kalu Over ‘Ignorant’ Comment On Abia’s Finances

Chinedumije Ibezim has fired back at Deputy Speaker Benjamin Kalu, accusing him of financial ignorance and political bias. He schooled Kalu on inflation, fiscal economics, and why comparing old allocations with current ones is “mathematically foolish.” Read the full details of Ibezim’s explosive response.

….Economic commentator Chinedumije Ibezim schools the Deputy Speaker on inflation, cost escalation, and the true meaning of public finance management, accusing him of political blindness.

The economic debate in Abia State took a dramatic turn this week after Chinedumije Ibezim, a public affairs analyst, economic commentator, industrialist and Labour Party stalwart in Isuikwuato LGA , publicly reprimanded the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, for what he described as a “shallow understanding” of fiscal economics and inflationary realities.

Ibezim was reacting to Kalu’s recent statement alleging that Governor Alex Otti is receiving higher monthly allocations than previous administrations, yet with “little to show for it.”

In a strongly worded response, Ibezim accused the Deputy Speaker of “talking without economic context,” advising him to “return to financial mathematics classes” to refresh his understanding of how inflation and cost-push dynamics affect public expenditure.

“I am surprised at the ignorance of the Deputy Speaker considering his privileged position. He should know better. Even the common man on the street knows how inflation has distorted value and purchasing power,” Ibezim said.

He explained that comparing the value of ₦3–4 billion received as allocation in 2021 or 2022 to ₦30 billion in 2025 is economically meaningless without factoring in inflation rate, exchange rate depreciation, and project cost escalation index.

According to him, “The cost of a kilometre of road two years ago has tripled due to inflation and devaluation. A project that cost ₦1 billion in 2022 could now gulp ₦3 billion or more today. The same applies to materials, labour, and logistics — all tied to the weakening Naira and inflation that has surpassed 30%.”

Ibezim further noted that the average cost of living has skyrocketed across Nigeria since the removal of fuel subsidy and the floatation of the Naira by the current administration, both of which have pushed up prices of goods and services beyond affordability.

“A car that sold for ₦3 million in 2022 is now ₦7–8 million. House rents have increased by over 200%. Even food and construction materials have tripled in price. So, who is truly richer — the man who received ₦4 billion three years ago or the one getting ₦30 billion now but can’t even meet the same standard of delivery?” he queried.

Chinedumije Ibezim described Kalu’s statement as “political noise without economic reasoning,” adding that such remarks expose the Deputy Speaker’s “disconnection from the financial realities Nigerians face daily.”

“I thought the Deputy Speaker was an intelligent man,” Ibezim continued, “but his utterance shows otherwise. Every serious economist knows that in times of inflation, nominal values mean nothing; what matters is real value — what the money can actually buy.”

The analyst also rebuked Kalu for insinuating that state allocations were a form of presidential benevolence, stressing that allocations are constitutionally mandated disbursements from the Federation Account.

“I’m shocked that a legislator of his standing would think federal allocation is a gift from the President. That’s a very embarrassing misconception. These are statutory disbursements, not presidential favours,” Ibezim stated.

He concluded by advising Benjamin Kalu to “drop politics and face reality,” emphasizing that Governor Alex Otti has demonstrated prudence, transparency, and strategic focus in managing Abia’s limited resources amid harsh economic conditions.

“Ben should focus on the greatness of Abia State and not allow political manipulation to push him out of favour with Ndi Abia,” Chinedumije Ibezim warned.

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