POLITICS
SDP Ex-Presidential Candidate, Adebayo Scores Tinubu’s Economic Team Low
By Mike Odiakose, Abuja
Former presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has scored President Bola Tinubu’s economic team low, saying they are “uncoordinated.”
Adebayo also came down hard on the Minister of Finance for saying that the economy was doing good amidst heavy external borrowing.
Adebayo told an online newspaper in an interview that the President Tinubu government is suffering from economic illiteracy.
He said, “I always wish there will be a good day for Nigeria, but it is not a good day when the finance minister believes the day he goes borrowing in London is a good day.
“How can it be a good day when Nigeria goes overseas to give investments in the capital market from the excess production that we have?
“No minister that we had in the past would say the day we went borrowing was a good day.
When told that even advanced countries like America also borrow, he had this to say: “America borrows from within. You borrow from your own currency. I am not quarreling with them borrowing from the currency they issued.
“When you are borrowing Euro bonds, borrowing currency from other people in other capitals of the world, it’s a sign of crisis.
“Yes, you can do it but you don’t say it’s a good day for you. If you are anaemic and your neighbour comes to donate blood to you, you should be grateful but you don’t say that’s the best day of your life, because you are not supposed to be anaemic in the first place.
“They need to run the economy in such a way that we can generate capital for ourselves.
“Fundamentally, I think they are uncoordinated. Even though he is supposed to be the coordinator of the economy, he is not coordinated.
“The thinking isn’t coordinated but if they coordinate well and work with us as a population, we should be able to generate wealth for the country.
“The parameters are a bit basic and elementary. Even in those basic elementary parameters, they are not sincere about them. They don’t want to meet them because they are not realistic,” Adebayo said.
“The exchange rate they fixed is unrealistic.
“Given the other measures they have taken, I think it is the lack of coordination that concerns me. I wish that Tinubu’s 2025 budget works.
“I want them to succeed. I want investors to come to Nigeria. I plead with anyone to have confidence in the economy of Nigeria. That is my desire, even though I am in the opposition.
“However, they are self contradictory as these contradictions would at the end of the day prove themselves.
“For example, in their mind, if they are able to succeed, they are working towards 15 percent inflation, but any basic micro-economist knows that you must never have double digit inflation.
“It is one thing to have a high BP, and the doctor tells you he will only give you medium BP; the doctor wants to kill you because his job is to return your BP to normal. The objective they set, even if they succeed, is a failure on its own,” he further stated.
He noted that, “I saw the minister and I heard him and I understood his philosophy. I am not against him in person. I like him as a finance person who can manage your assets, like a merchant banker.
“There are two things you need to do with the type of our size of development. First is the fiscal and budgetary housekeeping. The government budgets for itself in the first part of the budget.
“Then, the second part of the budget signals to the rest of the economy and creates a stimulus for areas they want to emphasize, and then uses other incentives to encourage others to do investments. They are sending wrong signals.
“First, in their own housekeeping, they are wrong in the way they are going about it. You can never say to anybody, especially somebody that understands basic microeconomics that your inflation rates cannot be lower than your unemployment rate. You can do it.
“You have already got it upside down. If you have a 15 percent inflation rate, definitely, your unemployment cannot go below 15 percent because of the way you run the economy.
If you listen to the gentleman again, he painstakingly celebrated the idea that they have 25 million households that they are trying to give little money to.
“Why don’t you have 25 million households from whom you are going to give employment?
So, you have a social register for people you want to give money but you don’t have a register of unemployed people that you can give jobs to. What sense does it make?
“The idea that you are going to imagine manufacturing by thinking that if you give N50,000 to any enterprise, whether small, medium or micro, is invisible; N50,000? If the person comes to your office to collect the money, he will spend about that on transportation.
“If you say you want to grow the economy by bringing investors, don’t you understand that borrowing money in the bank is just one of the factors of production?
“Loan capital, for example, won’t you realize that there are other paper expenditures like labour cost, infrastructure cost, and other costs. If you are driving those costs above sustainability, there is no way you can generate employment or capital in the economy.”
Responding to questions on INEC chairman’s claim of Ghana learning from Nigeria he said: “Yes, they took a lot of lessons not to be like Nigeria. That is what it can mean logically because the INEC chairman is a professor; he must be speaking in some sound way because what Ghana has done is exactly the opposite of what we did.
“They tried to make their own credible. We tried to make ours not credible even though we invested more in terms of technology, and quality of manpower.
“You don’t go to other countries and find professor emeritus, dean of faculties, and vice chancellors coming to be returning officers,” Adebayo added.
On the push for rotational presidency, the ex-presidential candidate said, “Rotation is at two levels. You must rotate according to the geopolitical zone for peace to reign among the elite. But you must rotate from the elite to the people for growth and justice to happen in Nigeria.
“If you are rotating from North to South and all of that and rotating about the same wasteful elite who have no idea, you will be rotating poverty, insecurity and others.
“But if you rotate inter generationally from the old people to the young ones and ideologically from those who follow the International Monetary Fund (IMF)-World Bank to those who have indigenous ideas, authentic and pro Nigeria ideas, you would have some progress for the country.”
By Mike Odiakose, Abuja
Former Director General of the People’s Democratic Party (PDP) Governors Forum, Hon C.I.D Maduabum has resigned from the party and joined the African Democratic Congress (ADC).
In a statement made available to Daily Asset in Abuja on Sunday, Hon Maduabum said he is dumping the PDP because the party has been “hijacked by self-serving, unscrupulous elements who are more interested in personal power grabs than in party discipline, internal democracy, or national interest.
”Part of his statement read: “After deep reflection, extensive consultations, and careful evaluation of the current political realities within the People’s Democratic Party (PDP), I have taken the difficult but necessary decision to resign my membership of the PDP with immediate effect.
“As a committed democrat, a two-term member of the House of Representatives, and former Director-General of the PDP Governors’ Forum, I have dedicated significant portions of my political life to building the PDP as a platform for democratic consolidation and national development.
“However, the soul of the party I once served with pride has been hijacked by self-serving, unscrupulous elements who are more interested in personal power grabs than in party discipline, internal democracy, or national interest.
“The PDP today is a shadow of its former self. It has descended into chaos, internal betrayal, and systematic destruction by diverse forces who have no regard for the principles upon which the party was founded. Sadly, voices of reason are no longer welcome, and genuine reformers are vilified or silenced.
“I can no longer in good conscience remain in a house that has been stripped of its moral compass and overrun by opportunists.
“In light of this, I am proud to announce that I am joining the African Democratic Congress (ADC) — a party that now stands as the only credible democratic alternative for Nigeria.
“The ADC is emerging as a beacon of hope for good governance, integrity, accountability, and inclusive politics. It offers the opportunity for principled politics, genuine people-oriented leadership, and a platform for rebuilding our nation from the grassroots up.
“The ADC Coalition includes progressive minded people like Mr. Peter Obi and others.
“I join the ADC not merely as a defector but as a reformer committed to helping build a new political culture — one based on merit, ideology, discipline, youth inclusion, and national unity.
“The time has come for all well-meaning Nigerians to take a stand against the decay in our political system. I call on all patriots, especially those disillusioned by the dysfunction in the traditional parties, to rally around this movement for a new Nigeria through the ADC.
“I remain committed to the democratic ideals of justice, equity, and service to the people. The struggle to rescue Nigeria and restore its promise continues — and it begins now on a new, firmer footing.”
The Independent National Electoral Commission (INEC) said it has registered 96,085 new voters in nine days and extended the exercise by three days in Anambra.
The commission disclosed this in a statement by Sam Olumekun, National Commissioner and Chairman, Information and Voter Education Committee, on Thursday in Abuja, after its weekly meeting.
He said that on the preliminary stage of the CVR, 56,017 representing 58 per cent of new registrants were female while 50,429 52 representing 48 per cent were young people between the ages of 18 and 34.
“The commission is pleased with the turnout of registrants in Anambra and the peaceful conduct of the Continuous Voters Registration (CVR) in all the 326 registration centres in the state.
“As of yesterday, Wednesday, 96,085 new voters have successfully registered in nine days. On average, the Commission registered over 10,600 voters per day.
“In addition, 12,595 voters applied for transfer of their registration both within and outside the state while 7,061 persons applied for the update of their records or the replacement of their damaged or lost Permanent Voters Cards (PVCs).
“The CVR in Anambra ends today. However, in response to appeal from citizens, the Commission hereby extends the exercise for three more days. It will now end on Sunday, July 20,” he said.
Olumekun said that the commission would thereafter display the register for claims and objections by citizens as provided by law.
This, according to him, will be followed by a further clean-up of the data using the Automated Biometric Identification System (ABIS).
“Subsequently, the detailed breakdown of the new registrants by age, gender, occupation and disability will be published for public information,” he said.
Olumekun also disclosed that INEC had received five more letters of intent from associations seeking registration as political parties.
According to him, the new application brings the number received so far by the commission to 134.
Olumekun stated that the details of the new associations, indicating their proposed names, acronyms, logos, addresses and interim leaderships were already published on INEC website and other platforms for public information.
He said that INEC would continue to keep the citizens up to date on all its activities.
From Ayinde Akintade, Osogbo
The Olorunda Peoples’ Democratic Party, PDP, Stakeholders has passed vote of confidence on Governor Ademola Adeleke of Osun State, re-affirm loyalty, and pledge to support his future political alignment.
Following a critical meeting of the Olorunda Local Government Stakeholders of the Peoples Democratic Party (PDP), held at the residence of the Apex Leader, Senator Dr.
Oluwole Alabi, stakeholders across the political spectrum unanimously passed a vote of confidence on the Executive Governor of the State, His Excellency, Senator Ademola Jackson Nurudeen Adeleke.The meeting, chaired by Senator Dr. Oluwole Alabi and moderated by Aare Ganiyu Ayobami Olaoluwa Asejere, brought together key political functionaries, state appointees, and party executives at state, local, and ward levels from Olorunda Local Government area of the state.
In the communiqué made available to our Correspondent in Osogbo the Osun State capital shortly after the meeting, the stakeholders collectively expressed their unwavering loyalty and unflinching support to Governor Adeleke and committed themselves to following his political direction in the interest of continued progress and good governance in Osun State.
The communiqué reads in part
“We, the undersigned leaders and stakeholders of the PDP in Olorunda Local Government area, having extensively deliberated on the current political climate, hereby pass a unanimous vote of confidence in the sterling leadership of His Excellency, Senator Ademola Jackson Nurudeen Adeleke
“We commend his people-oriented governance style, visionary leadership, and impactful delivery of the Imole developmental agenda, which stands as the most transformative in the history of Osun State.
“As loyal party stakeholders, we reaffirm our total and unshaken loyalty to Governor Adeleke, who has continuously demonstrated commitment to inclusive development, good governance, and service to humanity.
“We further resolve to follow His Excellency’s political direction and align with his future political choices irrespective of platform, believing in his judgment as the authentic custodian of the Imole mandate and the symbol of progress in our dear state.
“We stand united behind Governor Adeleke’s leadership and remain resolute in our commitment to actualizing his vision for Osun State, now and beyond 2030.”
“This communiqué reflects the collective will of the leadership and stakeholders of Olorunda PDP and symbolises their unwavering readiness to continue working under the guidance of Governor Adeleke for the continued upliftment of Osun State”.
The meeting has in attendance, Senator Dr. Oluwole Alabi, Aare Ganiyu Ayobami Olaoluwa Asejere, Rep. Maruff Adewale Gangaria, Dr. Muyiwa Oladimeji, Elder Funsho Isola, Hon. Olaide Ajibola, High Chief Apesin Olanrewaju Akolade, Hon. Obafemi Akolade, Hon. Ademola Nurudeen Hamzat, Hon. Nathaniel Ojetola, and Hon. Kunle Olaniyan while the communique was duly signed by all of them.
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