Presidential candidate of the Social Democratic Party (SDP) for the 2027 election, Prince Adewole Adebayo, has described President Bola Tinubu’s management of the economy over the past three years as a failure, arguing that worsening living conditions across the country outweigh official claims of economic progress.

Adebayo made the remarks during a televised interview amid ongoing debates over the impact of the Federal Government’s economic reforms. While the administration has maintained that its policies are laying the foundation for long-term economic stability, critics have continued to question whether the reforms are translating into tangible benefits for ordinary Nigerians.

According to the SDP flagbearer, the current administration inherited significant economic challenges but has aggravated them through what he termed “economic illiteracy.”

“The economy is worse than when this administration came in,” Adebayo said. “Poverty wasn’t this severe. Fuel wasn’t over ₦1,300 per litre. More companies were operating. Nigerians are paying more for food, transport, rent, school fees and building materials than they did in May 2023.”

He dismissed the government’s reliance on gross domestic product (GDP) growth figures and other macroeconomic indicators as evidence of success, insisting that economic performance should be assessed by its impact on citizens’ welfare.

Adebayo argued that statistical improvements are of little value if they do not result in improved living standards, likening the government’s management of the economy to “taking a patient to the hospital with malaria and leaving with a broken neck.”

The former presidential candidate maintained that economic growth should be measured alongside population growth, inflation, production costs and the government’s fiscal position, noting that rising prices, unemployment and declining purchasing power remain indicators of policy failure.

He also criticised repeated calls by government officials for Nigerians to be patient with ongoing reforms, saying elected leaders are expected to deliver measurable results within their tenure.

“No government can ask people to spend the rest of their lives being patient while their lives are being ruined. You have four years. Perform within those four years. If you don’t perform, leave office and let someone else take over,” he said.

Outlining his vision for the country, Adebayo said an SDP-led administration would focus on stabilising the economy through increased government revenue, reduced public expenditure, lower inflation and unemployment, and measures aimed at preventing further increases in the cost of living.

He added that restoring confidence in the economy would require policies that protect the purchasing power of Nigerians and improve their standard of living. (The Guardian)