Key Points
- SDP presidential candidate Adewole Adebayo says Nigerians have not benefited from the economic gains touted by the Tinubu administration.
- He argues that rising poverty, unemployment and declining purchasing power contradict official claims of economic progress.
- Adebayo attributes improvements in government revenue and foreign reserves largely to naira devaluation and increased borrowing.
- He insists that economic policies should be measured by their impact on citizens’ daily lives rather than by macroeconomic statistics.
Main Story
The presidential candidate of the Social Democratic Party (SDP) in the 2027 general election, Adewole Adebayo, has dismissed claims of economic progress under President Bola Tinubu, arguing that the administration’s celebrated macroeconomic gains have failed to improve the living conditions of ordinary Nigerians.
Speaking during a television interview to mark the third anniversary of the Tinubu administration, Adebayo said economic performance should be assessed through the realities confronting citizens rather than through official figures and government narratives.
According to him, while public officials continue to point to positive economic indicators, most Nigerians are facing worsening economic hardship characterised by rising living costs, shrinking purchasing power, unemployment and deepening poverty.
The SDP standard-bearer maintained that any economy that is genuinely improving would be felt by citizens across various sectors, including farmers, traders, workers, industrialists and consumers.
The Issues
Adebayo questioned the ruling All Progressives Congress (APC)’s continued attribution of current economic challenges to inherited problems, noting that the party has remained in power since 2015.
He argued that the economic conditions inherited by President Tinubu in 2023 were themselves products of eight years of APC governance, making it difficult for the party to distance itself from the outcomes.
The Ondo prince further accused the administration of creating what he described as an “illusion of progress” through currency devaluation and heavy borrowing.
According to him, increases in government revenue and foreign reserves frequently cited by officials do not necessarily indicate genuine economic growth, but are largely consequences of naira depreciation and debt accumulation.
He also argued that official economic indicators fail to reflect the realities confronting households and businesses, citing rising unemployment, worsening poverty and declining purchasing power despite reports of GDP growth and moderating inflation.
Adebayo further criticised the government’s foreign exchange policies, saying they have increased the cost of executing projects awarded before the naira’s depreciation and placed additional financial pressure on state governments and businesses.
He also expressed concerns over the administration’s borrowing strategy, arguing that much of the growth in Nigeria’s foreign reserves is linked to loans rather than productive economic expansion.
What’s Being Said
“No one’s life is better off except those who are in government. When all economic policies crystallise, they are reflected in what people pay for food, rent, transportation, healthcare and education. In all of these objective indicators, no one’s life is better off than before,” Adebayo said.
“The economy belongs to all of us. If it is working, everybody will know it is working. Farmers, industrialists, traders, workers and consumers will feel it,” he stated.
“The same political party and largely the same political actors produced the situation they now describe as terrible. Nigerians voted for them twice and those conditions emerged under their watch,” Adebayo argued.
“What they suffer from is what economists call the illusion of money. The devaluation of the naira creates the appearance that more money is coming in, but the reality is that the money has lost purchasing power,” he stated.
“The average Nigerian wants to know whether he can buy food tomorrow. That is the true test of economic policy,” Adebayo highlighted.
“They have engaged in heavy borrowing since coming into office, and a significant portion of the reserves being celebrated is already spoken for,” he said.
“The president and the country are better served by an honest assessment of the economy than by defensive arguments that do not reflect what Nigerians are experiencing,” Adebayo submitted.
What’s Next
Adebayo’s remarks add to the growing debate over the impact of the Tinubu administration’s economic reforms, particularly the removal of fuel subsidies and the liberalisation of the foreign exchange market.
While government officials continue to defend the reforms as necessary steps toward long-term economic stability, critics maintain that the policies have significantly increased the cost of living and worsened economic hardship for many Nigerians.
The SDP candidate insisted that government policies should ultimately be judged by tangible improvements in citizens’ welfare rather than by macroeconomic indicators alone.
Bottom Line
Adebayo believes the Tinubu administration’s reported economic gains have yet to translate into meaningful improvements in the lives of ordinary Nigerians. He argues that until citizens experience better living standards, increased purchasing power and reduced economic hardship, official claims of success will remain disconnected from realities on the ground.
