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Subsidy: Tinubu has thrown more Nigerians into poverty net — Adebayo

Social Democratic Party (SDP) candidate in the 2023 presidential election, Prince Adewole Adebayo, has taken a swipe at the All Progressives Congress (APC)-led government of…

Social Democratic Party (SDP) candidate in the 2023 presidential election, Prince Adewole Adebayo, has taken a swipe at the All Progressives Congress (APC)-led government of President Bola Ahmed Tinubu for the removal of fuel subsidy.

He lamented that the decision has thrown more Nigerians into poverty in the last two months, warning that unless President Tinubu and his handlers rethink and have a backup plan, the government would fail woefully.

“I think it is not too late for the government, starting with President Tinubu and co, to rethink and have a backup plan because I have a feeling, and I am saying it with every sense of responsibility, that if they go the way they are going, they will fail woefully. Not because they hate the people but because they are adopting models that never worked,” he warned.

Adebayo also took a swipe at those who criticised fuel subsidy removal because of the backlash even when they were in support of the removal earlier on, describing them as hypocrites.

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He noted that some of them who started from the beginning to condemn the subsidy removal should not be tagged as being hypocritical when they begin to criticize the subsidy removal but argued that those who initially supported it but only turned around to criticize it because it has backfired are hypocritical.

He said: “Those who supported anyone or any platform that said they would remove subsidies from day one but are now condemning the removal are hypocritical. Once you agree to throw a five year old child from the 10th floor of a building, you cannot say you are surprised the child broke the limbs. There is no way you will implement the policy the government is implementing now, and you will not have the same consequences. Economics does not admit cheating. You can cheat in politics. You can inflate your numbers in politics, but when it comes to economics, you can’t. You have to take the right policies. If you don’t take the right policies, the consequences of wrong policies will follow.”

On the N8000 proposed palliatives, he said it would amount to waste since the money would be valueless.

He noted that throwing money at the people the way the government was planning to do would only bring about inflation where too much money would be chasing too few goods.

“It appears the government is not aware of what we call monetary neutrality. When you have no food, no means of transportation, and no medicare, throwing money at you is not going to increase the number of service providers. It is not going to increase the value of real goods in the market. What it is going to do is that there would be wastage because the money will not be well used. When the money gets to the end users, it becomes useless to them in the real terms because they don’t have the goods to chase with the money. In the end, it may cause a little bit of inflation,” he submitted.

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