The 2027 presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has dismissed claims that President Bola Tinubu's economic reforms have improved Nigeria's economy, arguing that the much-publicised macroeconomic gains have failed to impact the lives of ordinary citizens.

Speaking during a television interview to mark the third anniversary of the Tinubu administration, Adebayo maintained that economic performance should be measured by the living conditions of Nigerians rather than official statistics and government projections.

According to the SDP presidential candidate, the majority of Nigerians continue to grapple with rising food prices, high transportation costs, expensive healthcare, increasing rent, unemployment and declining purchasing power despite government claims of economic progress.

"No one's life is better off except those who are in government," Adebayo said.

"When economic policies begin to take effect, they should be reflected in what people pay for food, rent, transportation, healthcare and education. Looking at these indicators, Nigerians are not better off today than they were before."

Nigerians Not Feeling Economic Growth

Adebayo argued that if the economy were truly improving, citizens would not need government officials to explain the benefits.

"The economy belongs to all of us. If it is working, everyone will know it is working. Farmers, traders, industrialists, workers and consumers will all feel the impact," he said.

He criticised attempts to portray positive economic indicators as evidence of success while many households continue to struggle with the cost-of-living crisis.

APC Cannot Blame Others For Economic Challenges

The SDP flagbearer also questioned why the ruling All Progressives Congress (APC) continues to attribute current economic difficulties to inherited problems.

According to him, the same APC has governed Nigeria since 2015 and should take responsibility for the country's economic situation.

"The same political party and largely the same political actors produced the conditions they now describe as terrible. Nigerians voted for them twice, and these realities emerged under their watch," he stated.

'Economic Progress Is An Illusion'

Adebayo further accused the Federal Government of creating what he described as an illusion of economic progress through naira devaluation and increased borrowing.

He argued that rising government revenues and foreign reserves frequently cited by officials are largely consequences of currency depreciation rather than genuine economic expansion.

"What they suffer from is what economists call the illusion of money. The devaluation of the naira creates the appearance that more money is coming in, but the reality is that the money has lost purchasing power," he said.

According to him, official economic indicators do not accurately reflect the realities faced by households and businesses across the country.

Rising Poverty, Unemployment Remain Key Concerns

The Ondo-born politician noted that unemployment, poverty and declining purchasing power remain widespread despite reports of GDP growth and moderating inflation.

"The average Nigerian wants to know whether he can buy food tomorrow. That is the true test of economic policy," he said.

He also blamed the administration's foreign exchange policies for increasing project costs for state governments and businesses, arguing that contracts awarded before the naira devaluation have become significantly more expensive to execute.

Concerns Over Borrowing And Foreign Reserves

Adebayo questioned the sustainability of the government's borrowing strategy, claiming that a significant portion of Nigeria's growing foreign reserves is linked to debt accumulation rather than productive economic activity.

"They have engaged in heavy borrowing since coming into office, and a significant portion of the reserves being celebrated is already spoken for," he said.

The SDP presidential candidate also challenged the credibility of official inflation figures, insisting they do not adequately reflect the realities of fuel prices, transportation costs and the overall cost of living.

He maintained that claims of economic success would remain disconnected from reality until Nigerians begin to experience tangible improvements in their daily lives.

"The president and the country are better served by an honest assessment of the economy than by defensive arguments that do not reflect what Nigerians are experiencing," Adebayo concluded.