…says Nigerians are poorer than they were in 2023
By David Odama
Presidential candidate of the Social Democratic Party (SDP) for the 2027 election, Prince Adewole Adebayo, has criticized President Bola Tinubu’s handling of the economy, arguing that improvements in official economic indicators do not reflect the realities faced by millions of Nigerians.
His comments come amid ongoing debate over the impact of the administration’s economic reforms. While the Federal Government maintains that recent policy measures are positioning the economy for sustainable long-term growth, critics contend that many Nigerians have yet to experience tangible improvements in their standard of living.
Speaking during a televised interview, Adebayo said the current administration inherited economic challenges but had worsened the situation through what he described as “economic illiteracy.”
“The economy is worse than when this administration came in,” he said.
“Poverty wasn’t this severe. Fuel wasn’t over ₦1,300 per litre. More companies were operating. Nigerians are paying more for food, transport, rent, school fees and building materials than they did in May 2023”, he added.
The SDP standard-bearer argued that gross domestic product (GDP) growth and other macroeconomic figures should not be regarded as indicators of success if they fail to improve the welfare of ordinary citizens.
Using a medical analogy, Adebayo said celebrating improved economic statistics despite worsening living conditions was like “taking a patient to the hospital with malaria and leaving with a broken neck.”
He maintained that economic performance should be assessed alongside factors such as population growth, inflation, production costs and the government’s fiscal position, insisting that rising prices, unemployment and declining purchasing power point to shortcomings in current economic policies.
Adebayo also dismissed repeated calls by the administration for citizens to remain patient, arguing that elected governments are expected to deliver measurable results within their constitutional tenure.
“No government can ask people to spend the rest of their lives being patient while their lives are being ruined. You have four years. Perform within those four years. If you don’t perform, leave office and let someone else take over,” he said.
Highlighting his economic agenda, Adebayo said that if elected president, his administration would focus on boosting government revenue, cutting public spending, reducing inflation and unemployment, and preventing further increases in the cost of living.
According to him, rebuilding confidence in the economy would require policies that protect the purchasing power of Nigerians and improve their overall standard of living rather than erode it.
