Amid the severe economic challenges faced by Nigeria due to President Bola Tinubu’s economic policies, the Social Democratic Party (SDP) presidential candidate for the 2023 elections, Prince Adewole Adebayo, criticized the current administration’s performance. Prince Adebayo believed that he could have performed better than President Tinubu if given the opportunity, as he disagreed with the policies implemented by Tinubu, Atiku Abubakar, and Peter Obi. These policies primarily focused on addressing the high cost of governance, subsidy removal, and foreign exchange issues.
Adebayo highlighted that the policies pursued by the current administration were unlikely to lead to positive outcomes, citing examples from other countries where similar policies had failed. He expressed concern over the direction Nigeria was heading, drawing parallels to the economic struggles faced by countries such as Argentina. Adebayo particularly criticized the reliance on the “Argentina model” recommended by Atiku Abubakar, stating that the situation in Argentina had worsened, with soaring inflation rates and economic instability.
The SDP presidential candidate emphasized that the policies being implemented in Nigeria were not suitable for the country’s structural and economic context. While these policies promised benefits such as increased government revenue and cheaper goods, Adebayo argued that they would lead to social misery and inflation. He underscored the importance of addressing fundamental economic issues, such as the theft of crude oil and the need for comprehensive auditing, to tackle Nigeria’s challenges effectively.
Moreover, Adebayo pointed out that the economic team surrounding President Tinubu was aligned with the policies being pursued, even though he believed that the direction taken was incorrect. He clarified that the disagreement was not about the team’s competency but rather the policy choices being made. Adebayo highlighted the need for a shift in economic strategy that focused on revenue generation, accountability, employment creation, inflation control, and social investment.
When asked about what he would do differently if in President Tinubu’s position, Adebayo stressed that he would not have announced the same policies in the first place. He advocated for a reversal of subsidy removal and amendments to existing legislation to support a different economic approach. Adebayo also outlined steps to increase revenue collection, improve governance efficiency, restructure fiscal management, promote employment generation, and address inflation.
Regarding political strategies to mitigate social unrest, Adebayo advised President Tinubu to adopt a more inclusive and humble approach, engaging with the public and demonstrating social justice in policy implementation. He acknowledged the challenges faced by any leader in addressing Nigeria’s complex problems but believed that a determined individual willing to listen to diverse viewpoints and harness Nigeria’s resources could succeed in fixing the country.
In conclusion, Prince Adewole Adebayo criticized President Bola Tinubu’s economic policies, highlighting their negative impact on Nigeria’s economy and the hardships faced by its citizens. Adebayo expressed confidence in his ability to govern more effectively and proposed alternative economic measures to address the country’s challenges. Despite his criticisms, Adebayo acknowledged that any leader with a commitment to national development and an openness to new ideas could potentially steer Nigeria towards a more prosperous future.
