Social Democratic Party (SDP) leader and 2023 presidential candidate, Adewole Adebayo, has faulted the Federal Government for celebrating the recent drop in Nigeria’s inflation rate to 20.7 per cent, insisting that the country is still facing one of the highest inflation figures in Africa.
Speaking on Friday, Adebayo argued that compared with neighbouring countries, Nigeria’s economic performance is still troubling. He cited Benin Republic with inflation below two per cent, Senegal under three per cent, and Tanzania at 3.3 per cent. He also mentioned South Africa and Morocco, both under five per cent.
“We must bring inflation down to at least seven per cent before we can talk about recovery. What we have now cannot take us to the Promised Land,” he said.
The former presidential candidate advised the Tinubu administration to focus on developing infrastructure, reducing transport costs, and stimulating agriculture, citing IMF reports that linked Nigeria’s inflation to poor infrastructure.
He further warned that the naira might weaken to about N1,430 by December if current policies remain, though he noted that such stability might encourage proper planning and reduce dollar speculation.
On President Tinubu’s economic reforms, Adebayo said the administration had taken some commendable steps, including increasing revenue and reducing domestic borrowing, but insisted that the core economic challenges remain unaddressed.
“President Tinubu has managed to stabilise the patient, but the diagnosis of the ailment is still unclear. Some of the steps taken have even worsened the situation, though there have been wins in a few sectors,” he said.
Adebayo also agreed that the Buhari administration left behind a poorly managed economy but maintained that Tinubu has not done enough to put the country firmly on the path of growth.
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