Former Social Democratic Party (SDP) presidential candidate, Prince Adewole Adebayo, has criticized President Bola Tinubu’s economic team, labeling it uncoordinated and plagued by economic illiteracy.
Speaking to DAILY POST, Adebayo questioned the rationale behind the Finance Minister’s optimistic portrayal of the economy despite Nigeria’s heavy external borrowing.
“It’s troubling when a finance minister considers borrowing from foreign markets a good day for the economy,” Adebayo stated, comparing the act to an anemic patient depending on a neighbor for blood donations. He argued that borrowing externally, such as through Eurobonds, signifies a crisis rather than progress.
Adebayo highlighted the uncoordinated nature of Tinubu’s economic policies, expressing concern over unrealistic inflation targets and flawed fiscal strategies.
“The government’s focus on achieving 15% inflation is misguided. Any basic economist knows inflation must not hit double digits,” he remarked.
He also criticized the government’s approach to economic growth, questioning the effectiveness of distributing financial aid to households without creating jobs. “Why have a register for social aid recipients but none for unemployed citizens needing jobs?” Adebayo asked.
The former presidential candidate expressed hope for Nigeria’s economic recovery but underscored the need for indigenous, pro-Nigerian strategies. He advocated for rotational leadership that transitions from the elite to the people, promoting inclusivity and fresh ideas.
“Rotating power within the same ineffective elite perpetuates poverty and insecurity. True progress requires intergenerational and ideological shifts,” he concluded.
Adebayo’s remarks have sparked renewed debates about the effectiveness of Tinubu’s economic policies and the broader direction of Nigeria’s fiscal governance.
