Adebayo to Tinubu: ‘No one’s life is better off today except those who are in government’
By Henry Nnaemeka
Presidential candidate of the Social Democratic Party (SDP) for the 2027 general election, Prince Adewole Adebayo, has dismissed claims of economic progress under President Bola Ahmed Tinubu, insisting that the administration’s celebrated macroeconomic gains have failed to improve the lives of ordinary Nigerians.
Speaking during a television interview to mark the third anniversary of the Tinubu administration, Adebayo argued that the true measure of economic performance lies not in official statistics but in the daily realities confronting citizens.
According to him, rising food prices, transportation costs, rent, healthcare expenses and unemployment remain the clearest indicators that government policies have not translated into meaningful relief for Nigerians.
“No one’s life is better off today except those who are in government,” Adebayo said. “When economic policies take effect, they are reflected in what people pay for food, rent, transportation, healthcare and education. By those objective measures, Nigerians are worse off.”
The SDP flagbearer faulted efforts by government officials to cite improving economic indicators as proof of success, arguing that a thriving economy does not require elaborate explanations because citizens naturally feel the impact.
“The economy belongs to all of us. If it is working, farmers will know, traders will know, workers will know and consumers will know. People should not need to be persuaded that their lives are improving,” he stated.
Adebayo also questioned attempts by the ruling All Progressives Congress (APC) to blame current economic challenges on inherited problems, noting that the party has remained in power since 2015.
“The same political party and largely the same political actors created the conditions they now describe as difficult. Nigerians entrusted them with power twice, and these realities emerged under their watch,” he said.
He further accused the administration of creating what he described as an “illusion of progress” through naira devaluation and increased borrowing, arguing that higher revenues and foreign reserve figures frequently cited by officials do not amount to genuine economic growth.
“What they suffer from is what economists call the illusion of money. The naira is worth less, so the figures appear bigger, but the purchasing power behind those figures has diminished,” Adebayo argued.
According to him, the government’s macroeconomic indicators are disconnected from the realities facing households and businesses across the country.
“The average Nigerian is not interested in abstract statistics. What matters is whether he can afford food tomorrow, pay school fees, run a business or meet basic family needs. That is the true test of economic policy,” he said.
The former presidential candidate also criticised the administration’s foreign exchange policies, arguing that the sharp depreciation of the naira has increased project costs for state governments and businesses, making development more difficult.
He maintained that much of the growth in Nigeria’s foreign reserves is linked to borrowing rather than productive economic activity.
“They have borrowed heavily since coming into office, and a significant portion of the reserves being celebrated is already tied to debt obligations,” he claimed.
Adebayo further questioned the credibility of official inflation figures, insisting that they do not adequately reflect the realities of fuel prices, transportation costs and the broader cost-of-living crisis facing Nigerians.
He argued that until government policies lead to tangible improvements in citizens’ welfare, claims of economic success would remain disconnected from public experience.
“The President and the country would be better served by an honest assessment of the economy than by defensive arguments that do not reflect what Nigerians are actually going through,” Adebayo said.
