The Presidential candidate of the Social Democratic Party (SDP) in the 2023 presidential election, Prince Adewole Adebayo, has expressed concern over the current administration’s economic policies, arguing that the removal of fuel subsidies has not achieved the desired results while creating significant economic challenges.
According to The Sun, Adewole pointed out that the government’s intention was to improve fiscal management by reducing spending on subsidies, but the removal has led to increased inflation, higher production costs, and further complicated the Central Bank’s efforts to manage inflation and foreign exchange.
Furthermore, he argued that the expected benefits of subsidy removal, such as increased government revenue and job creation, have not materialized. Government spending remains high, and unemployment figures have not shown significant improvement.
Prince Adewole attributed these shortcomings to the government’s economic team, describing it as “not sharp enough” and “perpetually behind.” He argued that the team lacks proactiveness and is primarily focused on reacting to the consequences of its own policies.
He went on to criticize the government’s reliance on the “inherited challenges” excuse. He argued that the ruling party has been in power for nine years and was fully aware of the existing economic realities when they assumed office. Therefore, these challenges should not be used to justify the current economic difficulties.
He emphasized that the government’s focus should be on creating a stable and attractive economic environment to encourage both domestic and foreign investment. However, the current economic instability, characterized by high inflation and uncertainty, is deterring investors.
Adewole concluded by urging the government to adopt a more effective and proactive approach to economic management, focusing on policies that promote sustainable growth, job creation, and economic stability.
SOURCE: festusking112