Adebayo slams Tinubu’s economic team for lack of coordination

In a scathing critique of President Bola Tinubu’s administration, Prince Adewole Adebayo, former presidential candidate of the Social Democratic Party (SDP), has described the government’s economic team as uncoordinated and lacking fundamental understanding of economics.

Speaking during an interview, Adebayo took issue with the Minister of Finance, who recently stated that Nigeria’s economy was performing well despite the nation’s heavy external borrowing.

Adebayo expressed deep concerns over the economic policies and practices of the current administration.

He said, “I always hope for good days for Nigeria, but it is troubling when the finance minister believes that the day they go borrowing in London is a good day. How can it be a good day when Nigeria depends on overseas borrowing instead of generating wealth internally? No credible minister in the past would have celebrated borrowing as a success.”

He further criticized the comparison of Nigeria’s borrowing practices to those of advanced nations like the United States. According to Adebayo, “America borrows within its own currency, which is entirely different from Nigeria borrowing through Eurobonds and foreign capital markets.

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This reflects a systemic crisis. Borrowing is sometimes necessary, but it should not be celebrated as progress. It’s akin to an anemic patient relying on blood donations; you should be grateful, but it shouldn’t be seen as a triumph.”

Adebayo also raised concerns about the unrealistic economic targets and the lack of coordination within Tinubu’s economic team. He pointed out inconsistencies in their approach, particularly in tackling inflation and unemployment.

“They are aiming for 15% inflation as a success, but any economist knows double-digit inflation is inherently detrimental. It’s like a doctor telling a hypertensive patient that maintaining medium blood pressure is acceptable—it’s not,” he remarked.

On government initiatives, Adebayo criticized the reliance on cash handouts instead of job creation. “The government celebrates having 25 million households in a social register for cash disbursement but doesn’t focus on creating jobs for those households. It’s a flawed strategy,” he said.

The SDP leader also lambasted the administration’s approach to small and medium enterprises (SMEs), calling the idea of growing the economy with minimal financial support unrealistic.

“Giving N50,000 to enterprises won’t drive economic growth. By the time the entrepreneur travels to collect the funds, they may spend most of it on transportation. Economic growth requires sustainable investments, infrastructure development, and realistic fiscal policies,” Adebayo argued.

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Addressing broader governance issues, Adebayo advocated for a fundamental shift in leadership rotation. He criticized the political elite for perpetuating poverty and insecurity, emphasizing the need for generational and ideological change.

“Rotating power among the same elite, whether North or South, doesn’t solve Nigeria’s problems. We need to transition from old, IMF-dependent ideas to indigenous, pro-Nigerian strategies that prioritize growth and justice,” he concluded.

Prince Adewole Adebayo’s remarks have added to growing concerns about the Tinubu administration’s economic strategies and their potential long-term impact on Nigeria’s development.