Economy
Nigeria’s destiny will not change unless Tinubu dumps Neoliberal policies, says Adebayo
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The Presidential Candidate of the Social Democratic Party (SDP) in the 2023 General elections, Adewole Adebayo has indicated that unless there is a shift away from the neoliberal policies of throwing the Nigerian Naira to the Dogs, the current economic hardship may just be the beginning .
The recent #EndBadGovernance protest revealed a deep discontent among Nigerians regarding government policies, particularly the removal of subsidies and currency devaluation, which many believe have exacerbated economic hardships.
Speaking via a telephone interview, he said, “Unless you have a policy shift away from the neoliberal policies, shift away from throwing your currency to the dogs, shift away from the idea of not being able to control inflation, and not being able to generate employment for your people, unless you change the policy, the destiny of the country will not change.
Adebayo who said he anticipated the protest outcome criticized the government’s response, highlighting that the policies were predictable and contributed to widespread distress. Although acknowledging the president’s insensitivity in his speech, he argued that the core issue lies in the commitment to neoliberal policies that need reevaluation for meaningful change.
He reminded Nigerians, that as a candidate of SDP in the said election he warned Nigerians.
“You see, the issue, I knew the protest was going to be like that. And I knew how the government would react. And I knew how it would end and I knew that, of course, people would make their point which would have been obvious to the government ab initio that life has been tough for Nigerians.
“I knew when we were running for presidency. And I listened to the programs of APC, PDP, and Labour Party, I knew that they were ready to throw the people into the lagoon. I knew that this policy of so-called removal of subsidy was another excuse for petroleum mismanagement. I knew that Nigeria would float the currency.
“It was a recipe for disaster in terms of factor price and inflation and you see that I spoke extensively all over the country in all the debates, in interviews, in campaign grounds, that Nigeria should not vote for either Labour Party, APC, or PDP.
“Not because of any other thing than the fact that the policies would put people in great distress. And that distress will affect everybody because when the people don’t have good income and they’re not stable, even industry cannot open because when you produce something, people cannot afford it.
“When they cannot afford it, they buy less, and you can’t get the volume to produce, you don’t have enough money. And if you devalue the currency, components that you need to run your industries, you will not be able to handle them. So, it’s predictable. But people voted for these policies.
“Now the policies are being implemented, and they are shouting, and they have not even seen the end of it. It’s just the beginning of the problems that will come out of it.
“So, the government, what can they do? They are stuck in this bad policy. So, yes it’s true that the president made a speech that was not that conciliatory, and was not in a particular order addressing the problems. But it just shows to you that the problem has some set of solutions.
“Those solutions appear to be beyond the government, because they’ve committed themselves to these policies.
“I’m not here to critique the president regarding how he rendered his speech or not, but I would say that the speech should have been more humane, in tone, but beyond that, the main issue should have been that it’s an opportunity for the government to review these policies.
“Not only the government, many of the people who are in opposition, they still believe in this ill idea, too, other political parties that are not in government, like PDP and LP that are not in the executive branch at the national level, they are still following that, they have not denounced these policies, because these policies are bad. “The Nigerian people should understand that causing crisis in your country in reaction to government policies, which were advertised to you before the election, and you heard them clearly, President Tinubu did not disappoint the people, he said he was going to remove subsidy, he was going to throw the currency under the bus, everything he said he was going to do, that’s what he’s doing.
“They had an opportunity to listen to him, listen to Peter Obi, listen to Alhaji Atiku Abubakar, and realize that these three people are not acting in our best interest, and they should not have voted for any of them. So if you voted for them, and you come out now, you are demonstrating on the street, that is not a democratic way to look at it, because you voted for these policies.
“But you made your point clear, but what happens next? Next month, in September, there will be an election for Governor in Edo State, there will be an election for governor in Ondo State in November, if you spend the whole of August protesting, EndBadGovernment, and in September, you vote for APC or PDP in Edo State, what have you gained? You are contradicting yourself.
“If you spend the whole of the period protesting against APC, and then you go to Ondo State in November, and go and vote for APC or PDP, so you are just contradicting yourself.
“So people should understand that this is not a military government, this is an elected government, and the way you teach an elected government to listen to you, is to make sure you don’t vote for them.
“So when they lose a few governorship elections, they lose all by-elections, they will start to understand that you don’t want them to continue the way they are doing.
“But if you keep voting for them, they will assume that you are happy with their policies, and they will think that those who are demonstrating or protesting are just troublemakers, because a politician is going to listen to what the majority wants, and the only way the majority, the major way the majority shows its hands, is on election day.
“So it’s not going to be what editorial is written in the Guardian, what Arise TV pundits are saying, what Kaftan TV journalists are writing. A politician will respond to the ballot box.
“So I urge the people, if you are not satisfied with the way the government is running, try to understand the philosophy and the ideology that is making them to mismanage the country like this, and organise around new ideas that are different from their own, and vote for politicians and public office holders along the new ideas, and these people will leave power. “But keeping them there, and their burning houses, and demonstrating on the street, looting shops, and all sorts of things like this, is not how to run a stable democracy. ”
He emphasized that Nigerians must consider the implications of their voting choices, suggesting that protesting without changing the way they vote will not lead to effective accountability. Simply put, to evoke a genuine response from the government, citizens must demonstrate their dissatisfaction through their votes rather than through demonstrations alone.
Economy
2025 Budget: Bigger, But Worse? Adebayo Warns of Economic Fallout
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**Says Inflation, debt, forex crisis will worsen
As the National Assembly passes the record-breaking ₦54.99 trillion 2025 budget, former Presidential candidate of the Social Democratic Party( SDP) Adewale Adebayor has sharply criticized the financial plan, calling it poorly designed and economically dangerous.
Speaking on the feasibility of the budget, Adebayor dismissed the increase in figures as superficial, arguing that it fails to address core economic challenges, saying it has missed the mark
“Increasing the overall budget does not improve its structure. It doesn’t account for the country’s actual revenue, doesn’t meet the minimum benchmarks of previous years, and worsens our debt situation,” he stated.
According to him, instead of focusing on investment, infrastructure, and economic stability, the government has pumped money into the wrong areas, which will aggravate inflation and disrupt monetary policy goals.
Adebayor warned that Nigerians, both in the public and private sectors as he called on Nigerianss to brace for a worsening financial crisis, including higher inflation,
Severe forex instability, Ballooning debt and rising poverty levels
Looking beyond the economy, Adebayor pointed out that only one more budget will be passed before the next elections.
He urged Nigerians to view this financial mismanagement as a wake-up call, suggesting that the current administration may not be capable of making the necessary corrections.
“The people should prepare to replace this government. The correction will have to come from the next administration,” he concluded.
With analysts sounding the alarm, all eyes are now on the government’s implementation strategy. Will they adjust course to prevent a crisis, or will Nigeria’s financial troubles continue to spiral?
Economy
Nigeria Showcases Economic Transformation at Davos 2025
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Nigeria has taken centre stage at the 2025 World Economic Forum (WEF) in Davos, Switzerland, with a delegation led by Vice President Kashim Shettima and the Honourable Minister of Finance, Mr. Wale Edun.
The country is showcasing its economic transformation agenda aimed at achieving sustainable growth and inclusive development.
Speaking ahead of the event, Mr. Wale Edun expressed optimism about Nigeria’s economic trajectory.
In an exclusive interview with Africa Business Magazine, the Finance Minister emphasized the tangible progress being made under President Bola Tinubu’s administration.
Director of Information and public Relations Muhammed Manga in a statement on Wednesday quoted Edun to have listed Key accomplishments, to include an increase in domestic refining capacity, a stabilized exchange rate, improved fiscal transparency, and rising foreign reserves.
“These policies are positioning Nigeria as a prime investment destination,” Edun stated, adding that transformative infrastructure projects, coupled with enhanced government revenue and social protection programmes, are positively impacting millions of Nigerians
Nigeria’s active participation at WEF 2025 underscores its determination to lead global economic conversations and attract the investments needed for long-term sustainable development.
With strategic policies and a focus on inclusivity and transparency, the country is poised to strengthen its role as a key player in the global economy.
This bold vision, rooted in tangible achievements, is expected to pave the way for a brighter and more prosperous future for all Nigerians
Economy
NES President Advocates Cash Transfers, Capital Spending to Reset Nigeria’s Economy
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The President of the Nigerian Economic Society (NES), Professor Adeola Adenikinju, has urged the Federal Government to prioritize direct cash transfers to the poor while ramping up capital spending in the 2025 budget.
Speaking during an interactive session with the Senate Committee on Appropriation, Professor Adenikinju described these measures as pivotal for alleviating poverty and driving sustainable economic growth.
The session, held in Abuja on Thursday, was part of deliberations on the proposed ₦49.7 trillion ‘Budget of Restoration,’ which President Bola Tinubu submitted in December 2024.
The budget aims to tackle Nigeria’s economic challenges while laying the groundwork for structural reforms.
“Targeted cash transfers to the poor can deliver immediate relief to millions facing economic hardship,” Professor Adenikinju said. “At the same time, increased investment in infrastructure and other capital projects will stimulate job creation and boost long-term economic productivity.”
The NES president also highlighted Nigeria’s pressing revenue challenges, stressing that the government must implement bold, innovative measures to unlock economic potential and stabilize the fiscal environment.
The interactive session featured contributions from lawmakers, economic experts, and civil society organizations. Senator Adeola Olamilekan, Chairman of the Senate Appropriation Committee, commended the budget’s ambition, calling it “a roadmap to economic restoration.”
He affirmed the Senate’s commitment to supporting President Tinubu’s administration in addressing revenue shortfalls and stabilizing the economy.
“The projections in this budget are daring but achievable. We are focused on delivering an economic framework that fosters growth and inclusion,” Senator Olamilekan stated.
Senate President Godswill Akpabio reinforced this optimism, pledging the 10th Senate’s dedication to the administration’s fiscal agenda. However, Minister of Budget and Economic Planning, Atiku Bagudu, cautioned against relying solely on cash transfers to combat poverty. He emphasized policies that promote business growth and entrepreneurship as more sustainable poverty-alleviation strategies.
“Empowering businesses is the key to creating jobs and reducing poverty on a large scale,” Bagudu argued. “While cash transfers provide short-term relief, our focus must remain on strengthening the private sector and fostering economic activity.”
This stakeholders’ meeting marks a historic approach to fiscal planning in the National Assembly, fostering collaboration among lawmakers, economists, and civil society. Participants agreed that balancing social welfare initiatives with robust capital investment is crucial to achieving the goals of the 2025 budget.
As the Senate works toward finalizing the fiscal plan, the session underscored the importance of building consensus on policies that can deliver both immediate and long-term economic benefits.
The 2025 budget presents an opportunity to not only address Nigeria’s current challenges but also lay the foundation for a more inclusive and resilient economic future.
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