Prince Adewole Adebayo, leader of the Social Democratic Party (SDP), has issued a stern warning to the Nigerian government, asserting that genuine economic progress is impossible without addressing the runaway inflation crisis immediately and adhering to basic fiscal discipline.
His critique was closely followed by the declaration of his intent to contest the 2027 presidential election on the SDP platform, focusing on the intertwined issues of poverty and insecurity.
Speaking on the path to economic recovery, Adebayo emphasised that the government must actively manage inflation down to a single-digit rate.
“There is no way you can think of a meaningful economy if you don’t deal with inflation,” he stated.
Achieving this, he argued, requires a fundamental shift in policy coordination, stressing the need to synchronise fiscal and monetary policies to prevent inflationary spending.
“You have to align your fiscal policy with your monetary policy so that you don't have the wrong expansion that will put pressure on cost and push inflation,” Adebayo stated.
The SDP leader further outlined a direct path to supporting the real economy by reducing poverty through aggressive job creation.
He noted that sustainable, long-term taxation revenues depend entirely on generating employment to support a stable population.
To create the necessary jobs, he proposed a dual approach, reducing the cost of doing business and simultaneously lowering the cost of living for citizens.
“If the general inflation of the economy is down and purchasing power is up with reasonable pay, the worker can be more efficient,” he explained.
Adebayo linked the reduction of these dual costs directly to significant, necessary investment in infrastructure, suggesting that the current capital expenditure framework is grossly inadequate.
“You have to invest in infrastructure, which means your capital expenditure has to be better than what they are doing now,” he insisted.
In a blistering assessment of the government’s financial management, Adebayo decried a profound lack of accountability and financial discipline.
He singled out the practice of running multiple spending frameworks simultaneously.
“They are doing three simultaneous budgets running at the same time. Nobody does that and succeeds, even a magician will not succeed in that scenario where you have three budgets running simultaneously, and you are not funding them,” Adebayo posited.
He condemned the government’s failure to abide by its regulations, making an urgent plea for adherence to constitutional checks and balances.
“The first thing they need to do, which they are not doing, is that they need to obey the fiscal laws; that is, to obey the Appropriation Act.
*Then, set a good target in the Appropriation Act,” he advised.
Confirming his political ambition, Adebayo announced his 2027 presidential bid, stating that his primary focus would be on addressing the staggering levels of poverty and insecurity in the nation.
He pointed out alarming statistics, noting that 35 million people currently face a food crisis, while 135 million Nigerians remain trapped below the poverty line.
Adebayo concluded with an optimistic vision for Nigeria’s potential, believing the country possesses all the resources needed to become a strong, global economic power.
“We should be the one hosting the G20 economy summit, not just ghosting it,” he insisted.
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