Adebayo dismisses Tinubu’s economic gains

…describes it as ‘ruse’

….urges focus on real economy

The leader of the Social Democratic Party (SDP) and the party’s 2023 presidential candidate, Prince Adewole Adebayo, has described the much-publicised economic stability under President Bola Tinubu’s administration as a “ruse,” insisting that government’s celebration of a drop in inflation is misplaced.

Adebayo, in a statement on Thursday, said the reported fall in Nigeria’s inflation rate to 20.7 per cent — which the Federal Government has celebrated as a success — is “a slap on Nigerians” when compared with much lower rates across Africa.

He cited Benin Republic with less than two per cent inflation, Senegal under three per cent, Tanzania at 3.3 per cent, as well as South Africa and Morocco with sub-five per cent figures, stressing that Nigeria must reduce inflation to about seven per cent before any genuine talk of economic recovery can begin.

“In a way, the economy is slightly better than last year, but still far from where it ought to be,” he said. “Nigeria is currently the fourth highest in inflation among African countries. No major economy on the continent has inflation up to five per cent. We are still at 20.7 per cent. We need to get as low as seven per cent before we can even begin to look at recovery.”

The SDP leader urged the Federal Government to prioritise the “real economy” by investing in infrastructure and creating jobs. Citing an International Monetary Fund (IMF) report, he argued that Nigeria’s inflation is largely driven by poor infrastructure. “If we improve infrastructure, transport costs will be cheaper, which will impact food prices, productivity and disposable income. That will also cushion the effect of low wages,” he said.

Projecting further, Adebayo warned that if current policies persist, the naira might fall to about ₦1,430 to the dollar by Christmas, but noted that exchange rate stability alone will not make Nigeria a strong economy.

Responding to former House of Representatives Speaker Yakubu Dogara’s recent remark that Tinubu inherited a “dead economy,” Adebayo agreed that the Buhari administration left behind a poorly managed system but lamented that Tinubu “has not done much” to change the situation.

He likened Nigeria’s economy to a patient in an emergency room. “What President Tinubu has done is stabilise the patient, but I’m not sure he has diagnosed the ailment. The patient may not die immediately, but no cure has been found. Some of the steps taken have even aggravated the condition,” he said.

Adebayo, however, acknowledged three areas where the administration appears to have made progress: increased government revenue, reduced domestic borrowing, and a fall in food inflation. But he argued that these are not yet translating into real relief for ordinary Nigerians.

Using an analogy, he said: “It’s like trying to catch a bag of rice placed 10 feet above you. If it drops to eight feet, your hand still cannot reach it, even though it is lower than before. That’s how it is with food prices and inflation in Nigeria today.”