Prince Adewole Adebayo, former presidential candidate of the Social Democratic Party (SDP), has strongly criticized President Bola Tinubu’s economic team, calling it uncoordinated and lacking economic understanding. In a recent interview, Adebayo expressed concerns over the country’s current economic direction and pointed out key mistakes made by the administration.
Adebayo took issue with the Finance Minister, who declared that Nigeria’s economy was doing well despite the country’s increasing external borrowing. According to Adebayo, celebrating borrowing, especially from foreign sources, signals a lack of basic economic knowledge. He explained that borrowing money in foreign currencies, like Euros, is problematic for a country like Nigeria, as it can lead to long-term financial instability.
He argued that while borrowing can sometimes be necessary, the government should not consider it a success. Drawing a comparison, he said it’s like being sick and receiving help from a neighbor – it’s useful, but it’s not something to be proud of. Adebayo stressed that the government should focus on generating wealth internally, rather than depending on foreign loans.
Adebayo also criticized the government’s economic targets, specifically the 15% inflation rate. He pointed out that aiming for this rate, even if successful, would still be a failure, as high inflation tends to cause high unemployment. This, he said, is a clear sign of poor economic planning. He urged the government to focus on reducing inflation and addressing fundamental economic issues rather than setting unrealistic goals.
On employment, Adebayo questioned the government’s approach to addressing unemployment through handouts. The government’s plan to give money to 25 million households, he said, makes no sense if there’s no focus on creating jobs. He argued that instead of distributing money, the government should focus on creating employment opportunities for the people.
Adebayo also criticized the government’s approach to attracting investment, warning that focusing solely on borrowing money isn’t enough to drive long-term growth. He pointed out that factors like labor costs, infrastructure, and other economic aspects must be considered when planning for sustainable development.
Additionally, Adebayo discussed Nigeria’s electoral system, noting that Ghana had learned from Nigeria’s mistakes. He praised Ghana for making its elections more credible, something Nigeria has struggled with despite technological investments.
Finally, Adebayo spoke about the need for a rotational presidency that goes beyond just moving power between regions. He argued that true progress in Nigeria will come when leadership is rotated not only between regions but also across generations, allowing younger leaders with fresh ideas to take charge.
Adebayo’s remarks highlight the challenges facing Nigeria’s current leadership, urging a reevaluation of both economic and political strategies to create meaningful change for the country.
