By Francis Ajuonuma
The leader of the Social Democratic Party (SDP) and its 2023 presidential candidate, Prince Adewole Adebayo, has criticised the Bola Tinubu administration for celebrating Nigeria’s current inflation figure, warning that at 20.7 percent, the country remains the worst performer in West Africa.
Adebayo argued that the government’s self-congratulation over the drop in inflation from 21.7 to 20.7 percent is misplaced, stressing that across Africa, most countries record single-digit inflation.
He cited Benin Republic with under two percent, Senegal with less than three percent, Tanzania at 3.3 percent, while South Africa and Morocco remain below five per cent.
“We are still at 20.7 percent. To begin to talk about recovery, Nigeria must come down to about seven percent.
“Yes, it’s a slight improvement from last year, but compared with our neighbours, we are nowhere close,” he said.
He urged the Federal Government to shift attention from statistical juggling to tangible improvements in the real economy, particularly infrastructure and job creation.
Referring to the International Monetary Fund (IMF) findings, Adebayo maintained that Nigeria’s inflation is largely driven by poor infrastructure.
“If transport costs are reduced, food prices will fall, productivity will rise, and households will have more disposable income,” he noted.
The SDP leader also projected that the Naira could slide further to about ₦1,430 to the dollar by Christmas if present trends continue.
While admitting such a development may bring some stability to planning, he insisted it would not translate to real economic strength.
Commenting on former Speaker Yakubu Dogara’s description of a “dead economy” inherited by Tinubu, Adebayo agreed that the Buhari administration left behind a poorly managed system but lamented that Tinubu has done little to alter its fundamentals.
“Like a patient in an emergency ward, Tinubu has stabilised the economy but has yet to diagnose or treat the underlying ailment.
“Without that, the patient may not die immediately, but neither will he recover,” he warned.
He further alleged that the government’s celebrated reduction in inflation figures was the result of rebasing rather than real progress.
According to him, the marginal decline in food inflation has not been felt by ordinary Nigerians.
“It’s like lowering a bag of rice from ten feet to eight feet. It’s still out of reach, even though it appears closer,” Adebayo added.
