In a recent interaction with the press, Prince Adewole Adebayo, the Social Democratic Party’s (SDP) candidate in the 2023 presidential race, criticized the current administration’s adherence to the economic frameworks advised by Bretton Woods institutions. Adebayo emphasized the need for Nigeria to chart its own economic path for sustainable growth and development.
Addressing the Senate’s resolution to amend the Electoral Act, Adebayo highlighted the need for legislators to anticipate future challenges rather than addressing past issues.
He argued that while technological advancements like the INEC Result Viewing (IReV) portal are important, they are not fail-proof solutions. According to him, more emphasis should be placed on ensuring integrity at polling stations, such as preventing vote-buying and violence, rather than relying solely on technology.
Adebayo also commented on the controversy surrounding the appointment power of the Independent National Electoral Commission (INEC) board members, including its chairman. He reasoned that the focus should be on appointing individuals with unimpeachable character and integrity, regardless of who makes the appointment.
According to a report by the Daily Post, the candidate underscored the Senate’s role in rigorously vetting these appointments, suggesting more stringent measures to uphold the integrity of these positions.
On the economic front, Adebayo was skeptical about the current government’s strategies, asserting that the challenges faced were predictable outcomes of their policy choices. He suggested that the country’s economic stability remains uncertain without a significant shift in economic policies. He further explained that adherence to international financial institutions’ policies has historically not favored Nigeria’s economic situation, pressing on the need for policies tailored to Nigeria’s unique challenges.
Discussing the Medium-Term Expenditure Framework, Adebayo expressed concern over the government’s borrowing plans, citing a lack of creativity in funding strategies. He opined that reliance on borrowing to fulfill contractual obligations indicates short-term thinking and an inability to generate sustainable revenue streams.
Throughout the conversation, Adebayo consistently highlighted the need for solutions crafted with a deep understanding of Nigeria’s socio-economic context, emphasizing integrity, foresight, and independence from international economic influences.
