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“My Administration Will Wipe Out Nigeria’s ₦77trn Debt In Three Budget Cycles,” SDP’s Prince Adewole Adebayo Gives Hope


The Social Democratic Party Candidate (SDP), Prince Adewole Adebayo has promises Nigerians that he will wipe out the ₦77 trillion debt Nigeria is owing presently within three budget cycles, If elected in 2023.

According to him, he’s not afraid of inheriting the N77 trillion debt which would be left by the present government.

Adebayo stated this in an exclusive online interview with Tribune, telling Nigerians not to be worried about the evidence of failure by the President Muhammadu Buhari administration that hired an unimaginative team to head the Central Bank of Nigeria and create debts rather than adequately managing the economy.

Speaking further, he said he does not see liability in Nigeria as he prepares to activate the various assets of the nation to turn around the grim situation to one of international envy.

Adebayo told the Tribune Online that he decided to contest for the presidency of Nigeria because of the myriad of challenges facing the country, which, in his view, are no challenge at all given the huge assets which abound in the country.

In his words; “I knew these problems before I declared to run. In fact, if these problems were not there, I would not have taken an interest in running.

“When you have a debt profile that is put at N77 trillion, you are looking at the debt side, what about the asset side?

“When I take my oath of office, I am not just inheriting the debt, I am inheriting 220 million people, I am inheriting entrepreneurs.

“Nigerians are so lively, highly energetic and ready to work. I am inheriting the largest gas reserve. I am inheriting a vast agricultural land.

some saving pockets here and there. And do some mop-up. I think that Nigerians would not even remember that we have a debt profile at all.

“We will retire the debts within three budgets, the debt will be insignificant and the people will get employment if I get 30 million jobs added to the workforce. The taxation on Pay As You Earn alone will wipe this debt off.

“If I get agriculture productivity in four belts in the country, lower Kebbi upper Niger, in Southern Kaduna Plateau axis, if I get agriculture in Oke-Ogun, part of South-West Nigeria and do Agriculture in Benue that will significantly deal with the problem.

“I don’t worry about that. It is not the load that kills but how you carry it. So, these debts represent a deficit of imagination, a deficit of creativity, and a deficit of competence. Why I said so is not because I am in the mood to insult anybody.

“I said so because their original sin is not managing our revenue accruals very well because they didn’t manage revenue accruals due to three problems that they have created for themselves including the fact that they don’t have the competence to do an appraisal of revenue profile and capture all the revenue subheads and govern all the revenue sub-head prudently.

“Secondly, they are tardy in administration and supervision. So many leakages even within the one they captured.

“Thirdly, they have collected campaign funding and other support from those who are benefiting from leakages and blind spots.

“So in order to keep their friends happy with them, the so-called political structures, they have created no-go areas. As a result of that, they are not able to capture enough revenue.

“Because they have hired an unpatriotic and unimaginative Governor of the Central Bank, so they’re able to create debts, like a drunken sailor and turned the apex bank into a casino. That is why they have all these crises.“

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