Tinubu’s Economic Team Faces Adebayo’s Harsh Critique

|By Adejumo Adekunle –

• Critic Slams Borrowing: Adebayo questions Nigeria’s reliance on foreign loans.
• Unrealistic Policies: He calls out the government’s economic contradictions.
• Hope for Reform: Adebayo urges coordinated efforts to restore economic stability.

Prince Adewole Adebayo, a former presidential candidate of the Social Democratic Party (SDP), has labeled President Bola Tinubu’s economic team as uncoordinated and lacking economic knowledge. Adebayo criticized the Minister of Finance for claiming that Nigeria’s economy is performing well despite ongoing heavy external borrowing.

Speaking to journalists, Adebayo expressed dismay over the government’s reliance on external loans, describing it as a symptom of economic mismanagement. He pointed out that advanced nations like the United States borrow within their currency systems, unlike Nigeria’s approach of issuing Eurobonds and borrowing foreign currencies.

“You don’t celebrate borrowing as a good day,” Adebayo said, adding, “If you are anaemic and rely on your neighbor’s blood donation, it’s not the best day of your life—it’s a crisis.”

Adebayo further criticized the government for its unrealistic exchange rate targets and inflation objectives, noting that double-digit inflation is unacceptable for economic stability. While he hopes for success in the 2025 budget, he warned that contradictions in their policies could undermine progress.

Despite his critique, Adebayo emphasized his support for Nigeria’s growth and urged investors to remain confident in the country’s potential.