Prince Adewole Adebayo, former presidential candidate of the Social Democratic Party (SDP), has sharply criticized the economic policies of President Bola Tinubu’s administration.
Adebayo accused the President’s economic team of being disorganized and economically illiterate, which he believes is negatively impacting the country’s economic progress.
In an interview with DAILY POST, Adebayo voiced concerns over the government’s increasing reliance on foreign loans. He specifically criticized the Finance Minister’s statement that the economy was performing well, despite the country’s heavy borrowing. According to Adebayo, borrowing foreign capital is a sign of economic distress, not success.
Adebayo argued that borrowing in foreign currencies, such as Euro bonds, is unsustainable. He pointed out that countries like the United States borrow within their own currency, a more stable and secure practice. He compared Nigeria’s situation to a person in need of a blood transfusion who, though grateful, wouldn’t consider it the best day of their life.
He also criticized the lack of coordination within the economic team, especially the Finance Minister, who is supposed to manage and guide the nation’s economic strategy. Adebayo emphasized that without a unified vision, the country’s economic potential remains unrealized. He also took issue with the government’s unrealistic exchange rate policies.
Adebayo expressed concern over the administration’s handling of inflation. Despite the government’s goal to reduce inflation to 15 percent, he argued that this figure is still too high. He stated that any basic economist would recognize that such high inflation typically leads to increased unemployment, a problem that the current administration has not addressed adequately.
In addition to his criticisms of fiscal policies, Adebayo questioned the government’s approach to economic planning. He stated that the country’s budget management is unrealistic and inefficient. Instead of relying on foreign loans or small financial incentives, Adebayo suggested the focus should be on creating an environment that fosters long-term wealth generation.
Although Adebayo is critical of the current administration, he expressed a desire for Nigeria’s success. He admitted that, despite being in the opposition, he hoped for a stronger economy and the attraction of foreign investment. However, he believes that the contradictions in the administration’s approach will ultimately lead to its failure.
Adebayo also touched on the political landscape, advocating for power rotation that goes beyond geographical zones to include generational change. He argued that Nigeria needs younger leaders with fresh ideas to overcome the country’s current economic challenges and achieve long-term growth.
