Prince Adewole Adebayo, the Social Democratic Party (SDP) presidential candidate in the 2023 elections, has voiced strong criticisms regarding what he perceives as a significant lack of financial discipline within President Bola Tinubu's administration. Adebayo called upon the president to implement greater accountability in the management and expenditure of public funds. He highlighted a concerning scenario where, according to him, the government is operating with three simultaneous budgets without proper funding, a practice he deemed unsustainable and unlikely to succeed.

In a statement released by his media team, Adebayo accused the current government of failing to adhere to its own established fiscal laws. He underscored the critical importance of strictly observing the Appropriation Act for the country to achieve a stable and meaningful economy. He stated that the government's primary responsibility, which it is currently neglecting, is to obey these fundamental fiscal regulations and set clear, achievable targets within the Appropriation Act.

Beyond financial discipline, Adebayo also urged the government to bolster the real economy by effectively combating inflation. He stressed that it is impossible to envision a robust economy without first bringing inflation under control. He recommended that inflation be managed to a single digit, which necessitates careful management of spending and a harmonious alignment of fiscal and monetary policies. This alignment would prevent excessive expansion that could exert cost pressures and further fuel inflation, making it an indispensable step towards economic stability.

Furthermore, Adebayo emphasized that the government must actively work to reduce poverty through substantial job creation, thereby supporting the real economy. He argued that generating employment is crucial for a sustainable population that can contribute to taxation in the medium, short, and long term. To achieve this, he suggested a cost-benefit analysis of government spending to ensure it rebounds in job creation. Key to this strategy is reducing the cost of doing business, which is currently on the rise, and simultaneously bringing down the cost of living. He explained that if general inflation is low and purchasing power is high with reasonable pay, workers can be more efficient, alleviating the burden on employers to solve all employee problems. To facilitate these conditions for businesses and improve the cost of living, significant investment in infrastructure is required, meaning capital expenditure must be substantially improved from its current state.

Looking ahead, Prince Adebayo declared his intention to contest the 2027 presidential election under the SDP platform. His campaign, he stated, would primarily focus on addressing the critical issues of poverty and insecurity. He cited alarming statistics, noting that 35 million people in the country are grappling with a food crisis, while 135 million still live below the poverty line. He concluded by asserting that without effectively tackling inflation, the high cost of living, unemployment, and inadequate infrastructure, these dire numbers cannot be improved. Adebayo expressed his firm belief that Nigeria possesses all the necessary resources to become a strong economy and one of the top global economies, suggesting it should be hosting prestigious economic summits rather than merely being an observer.