Former presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has criticized President Bola Tinubu’s handling of the economy, saying the administration has yet to properly diagnose Nigeria’s underlying economic challenges.

Speaking in an interview with Daily Post, Adebayo likened the economy Tinubu inherited from late President Muhammadu Buhari to a patient in an emergency room.

“What President Tinubu has done is to stabilize the patient, but I’m not so sure he has managed to identify the ailment. The patient is not going to die immediately, but he hasn’t found a cure,” Adebayo said.

On Tinubu’s Economic Steps

Adebayo acknowledged some “wins” by the Tinubu administration, including:

Increased nominal revenue collection compared to Buhari’s era.

Reduced domestic borrowing.

A statistical reduction in inflation, partly due to rebasing.

A slight decline in food inflation, though still beyond the reach of ordinary Nigerians.

However, he stressed that these improvements remain largely superficial:

“It’s like trying to catch a bag of rice placed 10 feet above you. If it drops to eight feet, it’s lower than before, but still out of reach.”

On Inflation and Regional Comparisons

He noted that while Nigeria’s inflation rate hovers around 20.7%, neighboring countries such as Benin Republic and other ECOWAS nations maintain inflation rates as low as 1–3%, while South Africa and Morocco are under 5%.

According to him, Nigeria must bring inflation below 7% before any meaningful recovery can be felt.

On Buhari’s Legacy and National Assembly’s Failures

Adebayo accused the Buhari government of reckless monetary practices, including the controversial ₦22.7 trillion “ways and means” financing, which he described as “outright theft.”

He faulted the National Assembly for legalizing the move instead of impeaching Buhari:

“They were part of it. At the tail end of Buhari’s administration, the National Assembly ought to have impeached him… But the same Assembly legalized it by retroactively adopting it.”

On Tinubu’s Tax Reforms

Adebayo admitted that Tinubu’s reputation as a “well-known tax collector” has improved revenue collection, but warned against over-celebration:

“The ₦14 trillion they are collecting now is not worth the paper it is written on, compared to ₦7 trillion in the previous year, because the purchasing power is weaker.”

He promised that under an SDP-led government, Nigeria would see a fairer, more equitable tax system that stimulates productivity rather than stifles it.

On Atiku’s Warning of Revolution

Reacting to Atiku Abubakar’s prediction of a looming revolution similar to the Arab Spring, Adebayo dismissed the idea:

“Our problems are not difficult to solve. We don’t need a revolution. We just need a smarter, more accountable government that invests in people.”

He argued that if jobs were created and households felt the impact of economic reforms, calls for revolution would fade away.

Adebayo’s Prescription

If he were in Tinubu’s shoes, Adebayo said he would:

Focus more on housing, education, healthcare, food security, and infrastructure.

Prioritize job creation as the key indicator of progress.

Target 12% GDP growth to reduce both poverty and unemployment.

He concluded that while single-digit inflation would be a good start, it is only the beginning of Nigeria’s journey to real recovery.