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Tinubu’s Economic Gains Exist Only on Paper, Says SDP’s Adebayo
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Prince Adewole Adebayo, the presidential candidate of Social Democratic Party (SDP) for the 2027 general election, has dismissed claims of economic progress under President Bola Tinubu, insisting that the administration’s celebrated macroeconomic gains have failed to translate into improved living conditions for ordinary Nigerians.
Speaking during a television interview to mark the third anniversary of the Tinubu administration, he argued that the government’s economic performance should be judged by the realities facing citizens rather than official statistics.
According to him, only those in government could claim to be better off today, while the majority of Nigerians continue to struggle with rising living costs, declining purchasing power, unemployment and worsening poverty.
“No one’s life is better off except those who are in government,” Adebayo said. “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.”
He faulted attempts by government officials to present positive economic indicators as evidence of success, arguing that an economy that is genuinely improving would not require extensive official explanations to convince citizens.
“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 said.
He also wondered why the ruling All Progressives Congress (APC), which has governed Nigeria since 2015, continues to attribute current economic challenges to inherited problems.
He maintained that the economic conditions inherited by Tinubu in 2023 were themselves products of eight years of APC governance, making it difficult for the party to shift responsibility elsewhere.
“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,” he said.
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, often cited by officials, do not reflect genuine economic growth but are largely the consequences of naira depreciation and debt accumulation.
“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.
He argued that the government’s macroeconomic indicators are “faulty and incorrect” because they do not correspond with the realities experienced by households and businesses.
He noted that the widening gap between official economic statistics and citizens’ living standards demonstrates that the government’s policies are not producing meaningful results.
He cited rising unemployment, increasing poverty levels and declining purchasing power despite official reports of GDP growth and moderating inflation.
“The average Nigerian wants to know whether he can buy food tomorrow. That is the true test of economic policy,” he said.
He also blamed the administration’s foreign exchange policies for worsening the financial position of state governments and businesses, arguing that projects awarded before the naira devaluation had become significantly more expensive to execute.
He noted that most state governors belong to the APC and are implementing policies aligned with those of the Federal Government, making it difficult to separate state-level outcomes from federal economic decisions.
He further criticised the government’s borrowing strategy, claiming that much of the growth recorded in Nigeria’s foreign reserves is linked to loans rather than productive economic expansion.
“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.
He also questioned the credibility of official inflation figures, arguing that they failed to capture the realities of fuel prices, transportation costs and the broader cost-of-living pressures confronting Nigerians.
He maintained that until economic policies result in tangible improvements in the daily lives of citizens, claims of success by the administration would remain disconnected from reality.
“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,” he submitted.
Headlines
Wike Begins Money-for-Vote Campaign, Dangles N10m Bounty for Abuja Councillors to Reelect Tinubu
Minister of the Federal Capital Territory, Nyesom Wike, has introduced what observers view as a novel dimension to Nigeria’s electoral process as he sensationally promised a N10 million cash reward to every councillor who “delivers” his ward for President Bola Tinubu and All Progressives Congress candidates at the 2027 general election.
Wike made the declaration at a Rainbow Coalition stakeholders’ meeting in Kwali Area Council, attended by traditional rulers, political stakeholders and residents.
The minister, according to Channels TV, urged councillors to mobilise residents and community groups to guarantee victory for the APC in their wards, attaching a price tag to electoral success.
“Any councillor that delivers his ward will get N10 million reward. Therefore, go and meet your leaders, go and meet your youth groups, go and consult with associations. Let’s deliver our ward to Mr President,” Wike reportedly announced.
The statement has triggered concerns over vote-buying, inducement of grassroots officials and the weaponisation of public office to compromise the 2027 polls.
Critics argue that dangling N10 million per ward to elected councillors blurs the line between legitimate mobilisation and financial inducement, reducing the election to a transactional contest where delivery is rewarded in cash.
With months to the general elections, the promise raises fresh questions about whether the will of voters will count, or whether wards will be delivered through coercion, compromise and cash.
Observers warn that when councillors – the closest elected officials to the people – are placed on a bounty, the stage is set for intimidation of opponents, manipulation of results and rigging at the polling unit level.
The development is being seen as part of a growing pattern of desperation within the political class to secure victory at all costs, even if it means monetising the electoral process and compromising its integrity before the first ballot is cast.
The National Chairman of All Progressives Congress (APC), Professor Nentawe Yilwatda, has declined to endorse Senate President, Godswill Akpabio, for another term as head of the National Assembly ahead of the 2027 general elections.
Yilwadta said he has no preferred candidate for the position, insisting that the decision would rest entirely with senators elected into the next National Assembly.
He made the remarks on Monday during an appearance on Channels Television’s Politics Today programme.
Asked whether the APC would return Akpabio as Senate President if he wins re-election, Yilwatda responded: “Let’s wait for the election first. I don’t have anybody in mind. The Senate will determine who they want to make the Senate President.”
His response comes despite growing support for Akpabio’s bid to retain the position beyond the current legislative term.
In October, senators publicly backed Akpabio’s return as President of the 11th Senate, with some lawmakers declaring that there would be no vacancy in the position.
Akpabio, who has led the Senate since June 2023, is seeking another term in the National Assembly.
However, Yilwatda’s remarks suggest that the APC leadership is not publicly committing itself to any candidate for the Senate presidency before the elections.
The Senate President is elected by members of the upper legislative chamber, meaning Akpabio would still need the support of his colleagues to retain the position even if he wins re-election.
During the same interview, Yilwatda also defended President Bola Tinubu’s physical fitness ahead of the 2027 presidential election and accused opposition parties of relying on blackmail during political campaigns.
The Senator representing Anambra Central, Victor Umeh, has warned Governor Chukwuma Soludo not to commit treachery against the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, in the name of politics.
Umeh pointedly warned Soludo that his unwarranted attacks on Peter Obi would lead to a fight.
The lawmaker issued the warning while speaking at an unnamed gathering in the State, which was captured in a viral video.
Umeh unapologetically said any Igbo person who refuses to vote for Obi is an enemy of the race.
“People are saying that we have to support another person; if we do that, we are destroying ourselves. I’m an Igbo activist, and you can hear my voice in the Senate on all issues of national importance and particularly those that affect the Igbo.
“Peter is our conscience in this election. Any Igbo man who stands up to say we will not vote for Peter Obi is an enemy of the Igbo people, no matter who the person is.
“Nobody can try it here; I have been hearing a lot of things going on in this State. This government; I helped in installing it; nobody came here to be Governor of Anambra State since 2003 without my input. This one that his serving; I was a principal contributor to his ascending that office; he is holding that office in trust for all of us.
“Anything he does in that office, he must discharge it with honour and nobility, and it’s not by sabotaging our own brother.
“I’m saying it so that anybody who sees him can tell me that we don’t want to fight, but he should not commit what is called an abomination by wanting to destroy his brother in the name of politics.
“Nobody on the side is saying support Peter Obi. Everybody on the other side is saying support Tinubu. But we are saying let us stand for the truth. Peter Obi; this is the time, and if he makes it, the Igbo have made it.”
