Leader of the Social Democratic Party (SDP) and 2023 presidential candidate, Prince Adewole Adebayo, has dismissed the Bola Tinubu administration’s claims of economic stability, describing the celebrated drop in inflation to 20.7 percent as deceptive and meaningless to ordinary Nigerians.
He noted that while government hails the figures, inflation across Africa remains below five percent, citing Benin Republic (1%), Senegal (2.7%), Tanzania (3.3%), South Africa and Morocco (under 5%). According to him, Nigeria must bring inflation down to around seven percent before real recovery can be discussed.
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Adebayo said although the situation is slightly better than last year, Tinubu has only managed to “stabilise the patient” without diagnosing the economy’s real ailment.
He argued that poor infrastructure and unemployment remain the main drivers of inflation and poverty, stressing the need for investment in agriculture, transport, and job creation.
He warned that if current policies continue, the naira could slide to about ₦1,430 per dollar by Christmas, but added that such stabilization would not amount to real economic strength.
While conceding that Tinubu inherited a badly managed economy from Muhammadu Buhari, Adebayo said the president has done little to change the situation.
He maintained that much of the government’s so-called progress is a result of statistical adjustments and not genuine economic reforms.
