A Presidential Candidate Calls for CNG, Prince Adewole Adebayo, the Social Democratic Party (SDP) candidate in the February 2023 presidential elections, has urged President Bola Tinubu to champion the adoption of Compressed Natural Gas (CNG) for vehicles. Adebayo emphasized that citizen buy in for CNG usage would be hindered if government vehicles continued to run on conventional fuel. In a recent interview, Adebayo discussed various topics, including the disbursement of N5 billion in palliatives to each state, ministerial portfolio assignments, and the perceived bloated cabinet under President Tinubu’s administration.
Critics have raised concerns about the effectiveness of some of the policies implemented by the Tinubu administration. Adebayo shared his views on the administration’s performance, highlighting that the focus has primarily been on establishing governance rather than addressing economic concerns. He pointed out two key policies the removal of petrol subsidies and the harmonization of the foreign exchange market both of which have significant implications for the economy but have not been complemented by comprehensive economic strategies.
When questioned about the government’s handling of subsidy removal and its impacts, Adebayo noted the absence of clear policy direction and target-setting in terms of poverty alleviation and employment generation. He criticized the lack of macroeconomic targets set by ministers during their screening in the Senate and emphasized the need for well-defined policies to address poverty and unemployment.
Regarding the N5 billion palliatives to states, Adebayo expressed reservations about the effectiveness of this approach, suggesting that the government should instead establish a fund to stabilize essential goods’ prices and combat inflation. He referred to the successful strategy employed during the Shehu Shagari era, where an agency was set up to create a system that reduced essential goods’ prices.
On the topic of foreign exchange management and floating the currency, Adebayo stressed the importance of having substantial reserves to influence the market effectively. He highlighted the need for a well-thought-out strategy and criticized the government for borrowing in tranches for speculative purposes.
A Presidential Candidate Calls for CNG, discussing the deregulation of the petrol market, Adebayo pointed out the inconsistency in government messaging, where promises of price stability conflict with the concept of deregulation. He urged the government to shield citizens from the impacts of deregulation and advocated for more transparent communication of policy decisions.
Regarding the expansion of government agencies and parastatals, Adebayo criticized the establishment of new entities without considering the long-term impact on governance costs. He referred to this practice as an “establishment curse” and urged the government to focus on reducing corruption rather than perpetuating unnecessary bureaucratic structures.
Adebayo’s insights shed light on various aspects of the current administration’s policies and actions. He emphasized the importance of clear policy direction, effective economic strategies, and proactive measures to address poverty and unemployment, while cautioning against creating additional burdens on governance through the proliferation of agencies and unclear policy implementations.
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