{"id":18940,"date":"2024-12-25T00:33:35","date_gmt":"2024-12-24T23:33:35","guid":{"rendered":"https:\/\/thedailynewswave.com\/?p=18940"},"modified":"2024-12-25T00:33:35","modified_gmt":"2024-12-24T23:33:35","slug":"tinubus-team-uncoordinated-suffering-economic-illiteracy-ex-presidential-candidate-adebayo","status":"publish","type":"post","link":"https:\/\/thedailynewswave.com\/tinubus-team-uncoordinated-suffering-economic-illiteracy-ex-presidential-candidate-adebayo\/","title":{"rendered":"Tinubu\u2019s team uncoordinated, suffering economic illiteracy \u2013 Ex-presidential candidate, Adebayo"},"content":{"rendered":"<div id=\"mvp-site-wall\" class=\"left relative\">\n<div id=\"mvp-site-main\" class=\"left relative\">\n<div id=\"mvp-main-body-wrap\" class=\"left relative\">\n<article id=\"mvp-article-wrap\">\n<div id=\"mvp-article-cont\" class=\"left relative\">\n<div class=\"mvp-main-box\">\n<div id=\"mvp-post-main\" class=\"left relative\">\n<div class=\"mvp-post-main-out left relative\">\n<div class=\"mvp-post-main-in\">\n<div id=\"mvp-post-content\" class=\"left relative\">\n<div id=\"mvp-content-wrap\" class=\"left relative\">\n<div class=\"mvp-post-soc-out right relative\">\n<div class=\"mvp-post-soc-in\">\n<div id=\"mvp-content-body\" class=\"left relative\">\n<div id=\"mvp-content-body-top\" class=\"left relative\">\n<div id=\"mvp-content-main\" class=\"left relative\">\n<div class=\"ai-viewport-2 ai-viewport-3\" data-insertion-position=\"prepend\" data-selector=\".ai-insert-7-41615087\" data-insertion-no-dbg=\"\" data-code=\"PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTcnIHN0eWxlPSdtYXJnaW46IDhweCAwOyBjbGVhcjogYm90aDsnPgo8ZGl2IGFsaWduPSJjZW50ZXIiPgo8IS0tIC8xNDAwMTYzNi9EUF9MZWFkZXJib2FyZF8xIC0tPgo8ZGl2IGlkPSdkaXYtZ3B0LWFkLTE1MDAzODY5NTMyODEtOCc+CjxzY3JpcHQ+Cmdvb2dsZXRhZy5jbWQucHVzaChmdW5jdGlvbigpIHsgZ29vZ2xldGFnLmRpc3BsYXkoJ2Rpdi1ncHQtYWQtMTUwMDM4Njk1MzI4MS04Jyk7IH0pOwo8L3NjcmlwdD4KPC9kaXY+CjwvZGl2PgoKPC9kaXY+Cg==\" data-block=\"7\">\n<div class=\"code-block code-block-7\">\n<div align=\"center\">\n<div id=\"div-gpt-ad-1500386953281-8\" data-google-query-id=\"CKv0spCpvYoDFTBeHQkdI6ADjw\">\n<div id=\"google_ads_iframe_\/14001636\/DP_Leaderboard_1_0__container__\" style=\"text-align: left;\">Prince Adewole Adebayo, a former Social Democratic Party (SDP) presidential candidate, has characterized President Bola Tinubu’s economic team as lacking in coordination and suffering from economic illiteracy.<\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>He tackled the Minister of Finance for saying that the economy was doing good amidst heavy external borrowing.<\/p>\n<p>Adebayo told DAILY POST in an interview that the President Bola Tinubu government is suffering from economic illiteracy.<\/p>\n<div class=\"code-block code-block-24\">\n<div align=\"center\">\n<div id=\"div-gpt-ad-1574186166799-0\" data-google-query-id=\"CLH0spCpvYoDFTBeHQkdI6ADjw\">\n<div id=\"google_ads_iframe_\/14001636\/DP_InsidePost_MPU_6_0__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>He said, \u201cI 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.<\/p>\n<p>\u201cHow 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.<\/p>\n<p>When told that even advanced countries like America also borrow, he had this to say:<\/p>\n<p>\u201cAmerica borrows from within. You borrow from your own currency. I am not quarrelling 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\u2019s a sign of a crisis.<\/p>\n<p>\u201cYes, you can do it, but you don\u2019t say it\u2019s 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\u2019t say that\u2019s the best day of your life because you are not supposed to be anaemic in the first place.<\/p>\n<p>\u201cThey 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.<\/p>\n<div class=\"ai-viewport-2 ai-viewport-3\" data-insertion-position=\"prepend\" data-selector=\".ai-insert-19-15465624\" data-insertion-no-dbg=\"\" data-code=\"PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTE5JyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4gCjwhLS0gLzE0MDAxNjM2L0RQX0luc2lkZVBvc3RfQWRzZW5zZV8zIC0tPgo8ZGl2IGlkPSdkaXYtZ3B0LWFkLTE1MjQ1OTU5MDUyNjgtNic+CjxzY3JpcHQ+Cmdvb2dsZXRhZy5jbWQucHVzaChmdW5jdGlvbigpIHsgZ29vZ2xldGFnLmRpc3BsYXkoJ2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC02Jyk7IH0pOwo8L3NjcmlwdD4KPC9kaXY+CjwvZGl2PgoKPC9kaXY+Cg==\" data-block=\"19\">\n<div class=\"code-block code-block-19\">\n<div align=\"center\">\n<div id=\"div-gpt-ad-1524595905268-6\" data-google-query-id=\"CK70spCpvYoDFTBeHQkdI6ADjw\">\n<div id=\"google_ads_iframe_\/14001636\/DP_InsidePost_MPU_3_0__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>\u201cThe thinking isn\u2019t coordinated, but if they coordinate well and work with us as a population, we should be able to generate wealth for the country.\u201d<\/p>\n<p>Tinubu government suffering from economic illiteracy<\/p>\n<p>\u201cThe parameters are a bit basic and elementary. Even in those basic elementary parameters, they are not sincere about them. They don\u2019t want to meet them because they are not realistic,\u201d Adebayo said, adding, “The exchange rate they fixed is unrealistic.<\/p>\n<div class=\"ai-viewport-2 ai-viewport-3\" data-insertion-position=\"prepend\" data-selector=\".ai-insert-20-80767369\" data-insertion-no-dbg=\"\" data-code=\"PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTIwJyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4gCjwhLS0gLzE0MDAxNjM2L0RQX0luc2lkZVBvc3RfQWRzZW5zZV80IC0tPgo8ZGl2IGlkPSdkaXYtZ3B0LWFkLTE1MjQ1OTU5MDUyNjgtNyc+CjxzY3JpcHQ+Cmdvb2dsZXRhZy5jbWQucHVzaChmdW5jdGlvbigpIHsgZ29vZ2xldGFnLmRpc3BsYXkoJ2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC03Jyk7IH0pOwo8L3NjcmlwdD4KPC9kaXY+CjwvZGl2Pgo8L2Rpdj4K\" data-block=\"20\">\n<div class=\"code-block code-block-20\">\n<div align=\"center\">\n<div id=\"div-gpt-ad-1524595905268-7\" data-google-query-id=\"CK_0spCpvYoDFTBeHQkdI6ADjw\">\n<div id=\"google_ads_iframe_\/14001636\/DP_InsidePost_MPU_4_0__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>\u201cGiven the other measures they have taken, I think it is the lack of coordination that concerns me. I wish that Tinubu\u2019s 2025 budget works.<\/p>\n<p>\u201cI 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.<\/p>\n<p>\u201cFor 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.<\/p>\n<p>\u201cIt 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,\u201d he further stated.<\/p>\n<p>He noted that, \u201cI 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.<\/p>\n<p>\u201cThere 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.<\/p>\n<p>\u201cThen, 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.<\/p>\n<p>\u201cFirst, 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.<\/p>\n<p>\u201cYou 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.<\/p>\n<p>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.<\/p>\n<p>\u201cWhy don\u2019t 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\u2019t have a register of unemployed people that you can give jobs to. What sense does it make?<\/p>\n<p>\u201cThe 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.<\/p>\n<p>\u201cIf you say you want to grow the economy by bringing investors, don\u2019t you understand that borrowing money in the bank is just one of the factors of production?<\/p>\n<p>\u201cLoan capital, for example, won\u2019t 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.\u201d<\/p>\n<p>INEC chairman\u2019s claim of Ghana learning from Nigeria<\/p>\n<p>\u201cYes, 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.<\/p>\n<p>\u201cThey 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.<\/p>\n<p>\u201cYou don\u2019t go to other countries and find professor emeritus, dean of faculties, and vice chancellors coming to be returning officers,\u201d Adebayo added.<\/p>\n<p>Push for rotational presidency<\/p>\n<p>According to the ex-presidential candidate, \u201cRotation 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.<\/p>\n<p>\u201cIf 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.<\/p>\n<p>\u201cBut 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.\u201d<\/p>\n<p>Written Ihechukwu Sunday<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Prince Adewole Adebayo, a former Social Democratic Party (SDP) presidential candidate, has characterized President Bola Tinubu’s economic team as lacking in coordination and suffering from economic illiteracy. He tackled the Minister of Finance for saying that the economy was doing good amidst heavy external borrowing. Adebayo told DAILY POST in an interview that the President […]<\/p>\n","protected":false},"author":5,"featured_media":18941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[43,6],"tags":[2484,1749],"class_list":{"0":"post-18940","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-news","9":"tag-adewole-adebayo","10":"tag-presidentbolaahmedtinubu"},"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tinubu\u2019s team uncoordinated, suffering economic illiteracy \u2013 Ex-presidential candidate, Adebayo - The DailyNewswave<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thedailynewswave.com\/tinubus-team-uncoordinated-suffering-economic-illiteracy-ex-presidential-candidate-adebayo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu\u2019s team uncoordinated, suffering economic illiteracy \u2013 Ex-presidential candidate, Adebayo - The DailyNewswave\" \/>\n<meta property=\"og:description\" content=\"Prince Adewole Adebayo, a former Social Democratic Party (SDP) presidential candidate, has characterized President Bola Tinubu’s economic team as lacking in coordination and suffering from economic illiteracy. 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