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The Social Democratic Party’s (SDP) presidential flagbearer, Prince Adewole Adebayo, has called on the government to shift monetary policy back to bolstering the real economy. He emphasized that combating inflation must be a top national goal, pointing out that without controlling growing prices, no economy can experience true prosperity or stability.
“You have to keep inflation under control. In order to accomplish that, you must control spending, which entails coordinating your monetary and fiscal policies to avoid having the incorrect expansion that would drive up costs and inflation. Without addressing inflation, a meaningful economy is unthinkable, he stated.
He emphasized that the government must promote the real economy by reducing poverty through the development of jobs. “If you want to have a sustainable population for medium-term, short-term, and long-term taxation, you must create jobs. To do this, you must look at your activity based on the cost of your spending to determine whether your spending can rebound in job creation. To do that, you need to do two things.
The first step is to reduce operating expenses because they are increasing rather than decreasing. Then, since companies are unable to address every issue that employees have, you must lower living expenses.
Therefore, workers can be more productive if the economy’s overall inflation rate is lower and their purchasing power is higher with fair compensation. And you have to spend in infrastructure in order to do all of that for those enterprises and the expense of living, so your capital expenditure needs to be better than what they are now doing,” he said.
He bemoaned the government’s lack of financial restraint, stating, “There is no accountability even for the money that is being spent.” They are working on three concurrent budgets at the same time. Even a magician cannot succeed in a situation where three budgets are operating concurrently and you are not providing funds for them.
In order for the nation to have a meaningful economy, he urged the government to always go by the appropriations law and denounced the administration for not following its own budgetary regulations. “The first thing they should do, which they are not doing, is to follow the fiscal laws, including the Appropriations Act. Then, in the Appropriations Act, establish a reasonable goal,” he advised.
Adebayo, who announced that he will run for president in 2027 on the SDP platform, said that he would concentrate on poverty and insecurity because, in his opinion, 135 million people still live below the poverty line and N35 million have a food issue. You cannot obtain these figures if you do not address unemployment, inflation, the cost of living, and infrastructure. I think the nation has everything needed to have a robust economy and rank among the best in the world. The G20 economy summit should be hosted by us, not just ghosted.
