Adebayo Slams Tinubu’s Economic Team as Uncoordinated and Illiterate, Warns of Dire Consequences

Former presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has criticized President Bola Tinubu’s economic team, labeling them as uncoordinated and suffering from economic illiteracy. In a no-holds-barred interview with DAILY POST, Adebayo questioned the competence of the administration’s economic policies, particularly their approach to external borrowing and inflation management.

Adebayo expressed disbelief at recent remarks by the Minister of Finance, who claimed the economy was in good shape despite the government’s reliance on heavy external borrowing. He described the declaration as misguided and symptomatic of deeper issues within the government’s fiscal strategy. “It’s not a good day when the finance minister celebrates going borrowing in London. Borrowing in foreign currencies is a sign of crisis, not triumph,” Adebayo said, drawing a stark comparison with advanced economies like the United States, which borrow within their own currencies.

The former SDP candidate dismissed comparisons to other nations, stating that Nigeria’s reliance on Eurobonds and foreign debt highlights a failure to generate capital domestically. “If you are anemic and your neighbor donates blood, you should be grateful, but it doesn’t make it the best day of your life. The government should focus on creating capital from within,” he remarked.

Adebayo also criticized the administration’s handling of inflation and unemployment. He pointed out the contradiction in celebrating a 15% inflation rate while unemployment figures remain alarmingly high. “You cannot have a sustainable economy when your inflation rate is higher than your unemployment rate. It’s basic economics,” he asserted, describing the current strategy as both elementary and unsustainable.

He took particular issue with the government’s social intervention programs, questioning their efficacy in addressing core economic challenges. “Why are we celebrating a register of 25 million households to give money, instead of creating a register of unemployed people to give jobs? What sense does it make?” he asked, lambasting the administration’s apparent focus on handouts over systemic economic growth.

Adebayo further criticized the notion that micro-financing, such as offering small enterprises sums as low as N50,000, could meaningfully stimulate the economy. “The cost of accessing that money alone might exceed the amount. This shows a lack of understanding of what it takes to run a business,” he said.

Turning his attention to the Independent National Electoral Commission (INEC), Adebayo dismissed claims by its chairman that Ghana had learned from Nigeria’s electoral system. He suggested that Ghana had, in fact, learned what not to do. “Ghana has focused on credibility, while Nigeria has invested more in technology and manpower only to undermine the credibility of our elections,” he observed.

On the push for a rotational presidency, Adebayo advocated for a more inclusive and transformational approach. He argued that simply rotating power among the same political elite would perpetuate poverty and insecurity. Instead, he called for generational and ideological rotation to usher in leaders with fresh, pro-Nigeria ideas capable of fostering real progress.

In his closing remarks, Adebayo expressed his hope for Nigeria’s success but underscored the urgent need for coordinated and realistic economic policies. “I want them to succeed because Nigeria needs to succeed. But unless the contradictions in their policies are addressed, they will continue to fail,” he warned.

With his scathing critique and sharp observations, Adebayo’s remarks shed light on the pressing challenges facing Nigeria’s economic and political landscape. Whether the government takes heed remains to be seen.

Adebayo Slams Tinubu’s Economic Team as Uncoordinated and Illiterate, Warns of Dire Consequences

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