Prince Adewole Adebayo, the 2023 Presidential candidate of the Social Democratic Party, has dismissed claims of economic stability under President Bola Tinubu’s administration, describing it as a ruse. Reacting to the recent report that inflation has dropped to 20.7 percent, Adebayo said this figure is still far from ideal, especially when compared to other African countries.
According to him, many African countries have inflation rates that do not exceed five percent. He cited examples of countries like Benin Republic, Senegal, Tanzania, South Africa, and Morocco, which have significantly lower inflation rates. For instance, Benin Republic has an inflation rate of less than two percent, while Tanzania’s rate stands at 3.3 percent. Adebayo emphasized that Nigeria needs to bring its inflation rate down to around seven percent before it can be considered a sign of economic recovery.
While acknowledging that the current inflation rate is slightly better than last year’s, Adebayo stressed that it is still far from where it should be. He pointed out that Nigeria is the fourth highest in inflation among major African countries, which is a worrying trend. According to him, the focus should be on developing infrastructure and creating employment opportunities to drive economic growth.
Adebayo referenced a report by the International Monetary Fund, which concluded that Nigeria’s inflation has been driven by poor infrastructure. He emphasized the need for the government to prioritize infrastructure development, particularly in the transportation sector, as this would lead to cheaper transport costs, increased productivity, and more disposable income for citizens.
When asked about former Speaker of the House of Representatives, Yakubu Dogara’s comment that President Tinubu inherited a dead economy, Adebayo commended Dogara for speaking out but urged the government to focus on growing the real economy through employment, agriculture, and infrastructure development. According to him, this requires time and consistency, and the government needs to be more realistic in its approach to economic management.
