Prince Adewole Ebenezer Adebayo, the Social Democratic Party (SDP) presidential candidate in the 2023 general election, has strongly criticized the economic policies of the Tinubu administration, describing the government as merely “doing business with Nigerians.”
Adebayo, who finished fifth in the election, expressed his dissatisfaction during an interview with Daily Trust, where he blamed the nation’s current economic challenges on poorly thought-out policies formulated by the administration.
According to Adebayo, the government has failed to take a thorough approach in addressing the nation’s economic woes. “This administration is not in government but just doing business with Nigerians as its customers,” he said, accusing the leadership of prioritizing personal gains over national progress. He also pointed fingers at the Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, criticizing his monetary policies, particularly the devaluation of the naira.
In response to the federal government’s justification that its policies are “inevitable and necessary,” as stated by Vice President Kashim Shettima during a recent Nigeria Economic Summit Group (NESG) event, Adebayo firmly disagreed. “I do not agree at all,” Adebayo retorted, referencing past economic blunders such as the Structural Adjustment Programme (SAP) of the 1980s. He argued that economics is about making choices from available alternatives and not about blindly accepting policies with no other options.
He went on to criticize the current administration’s lack of foresight, saying, “The Vice President, with due respect, needs to go back to elementary economics. They made a wrong choice, at the wrong time, and they are suffering the consequences.”
Adebayo, in his scathing critique, emphasized that the Tinubu-led administration had failed to deliver on its promises. “The inflation, the rise in factor cost, and even the subsidy crisis—they caused these problems,” he said, dismissing the administration’s claims of working to fix Nigeria’s economic challenges.
He also accused the Central Bank Governor of adopting outdated economic tactics, likening Cardoso’s policies to those of Paul Volcker, the U.S. Federal Reserve Chairman under Jimmy Carter, who raised interest rates to combat inflation in the 1980s. “What Cardoso is doing makes no sense because what is driving inflation in Nigeria is factor cost, not the availability of credit,” Adebayo stated.
On potential solutions, Adebayo suggested that the government needs to prioritize fiscal responsibility and employment. He criticized the decision to remove fuel subsidies without adequate measures to protect the vulnerable, adding, “You block loopholes in your economy. If you are losing 80% of your crude to oil theft, what can subsidy do for you?”
When asked about Nigeria’s economic future, Adebayo didn’t hold back, stating, “They are showing crass economic illiteracy. The policies are out of sync with our realities and historical context.”
Regarding the possibility of forming alliances ahead of the 2027 elections, Adebayo stressed the need for a “meeting of the mind” rather than forming alliances for the sake of power. He emphasized, “Power for power’s sake is a disgrace. What we are trying to do is build alliances of all Nigerians.”
In concluding the interview, Adebayo left open the possibility of working with President Tinubu if the administration were to change its approach. “If it’s President Tinubu himself who realizes he is missing his way and wants to queue up behind us, we don’t mind at all,” he said, while stressing that his focus remained on creating a genuine alternative for the Nigerian people.
