The presidential candidate of the Nigeria Democratic Congress, NDC, Mr Peter Obi, has criticised President Bola Tinubu’s administration over its handling of the economy, insisting that improvements in some macroeconomic indicators have not translated into better living conditions for Nigerians.
Obi said the Federal Government should not interpret the
recent World Bank report on Nigeria’s economic performance as evidence that the
standard of living of citizens has improved.
In a statement, the former Anambra State governor argued
that economic growth and increased revenue generation were insufficient
measures of success when millions of Nigerians continued to grapple with
poverty, unemployment and inequality.
He maintained that the true indicators of economic
development should include a reduction in poverty, job creation and improved
access to basic necessities such as food, healthcare and education.
According to Obi, the economic reforms introduced by the
Tinubu administration have yet to deliver tangible benefits to ordinary
Nigerians.
“An economy is not truly stabilized simply because
government revenue increases, foreign reserves strengthen, or GDP grows.
Stability exists when citizens can afford food, obtain healthcare, provide
education for their children, and live with dignity,” he said.
Obi also raised concerns over the country’s debt burden,
citing figures contained in the World Bank report titled “Beyond the Federal
Purse: How Higher Revenues Reshaped State Priorities”.
He claimed that the Federal Government spent N7.7 trillion
on debt interest payments between January and June 2026, compared with total
revenue of N6.2 trillion during the same period.
The NDC presidential candidate said the reported figures
meant that debt interest payments exceeded government revenue by approximately
N1.5 trillion, questioning why the country’s debt burden continued to rise
despite increased revenue generation.
Obi further alleged that capital expenditure had declined by
about N700 billion in the first half of 2026, arguing that the situation
reflected poor fiscal management by the Tinubu administration.
He accused the government of reckless borrowing, corruption
and incompetence, saying the reported expenditure pattern raised questions
about its economic priorities.
The former Labour Party presidential candidate also faulted
the administration for what he described as the selective presentation of
economic statistics to project a positive picture of the economy without
adequately addressing the hardship faced by citizens.
Obi said the government could not expect Nigerians to
celebrate economic indicators while struggling to afford food, healthcare and
other basic needs.
He cited a United Nations Development Programme report,
which he said identified Nigeria among countries where gains in poverty
reduction had been reversed, while arguing that the country’s economic policies
had failed to adequately protect vulnerable citizens.
“I have consistently argued that reforms should be evaluated
according to their consequences for the people, particularly the poorest and
most vulnerable.
“Measures that demand substantial sacrifices from citizens
must deliver benefits that are visible, measurable, and broadly shared—not
misrepresented reports and official celebrations,” he said.
Obi urged the Tinubu administration to review its economic
reforms and prioritise the welfare of Nigerians rather than celebrate what he
described as incomplete economic statistics.
He said the ultimate measure of economic success should be
whether citizens were eating better, living better and escaping poverty.
“Nigeria deserves an economy that serves its citizens, not
one that continually sacrifices citizens’ wellbeing for ‘macroeconomic
stability’, an economy that ends mass poverty, reduces inequality, and creates
enough jobs for our youths,” he added.
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