The presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi, has criticised President Bola Tinubu’s economic policies, claiming the Federal Government spends about 11 times more on debt interest than on capital projects.
Obi made the claim in a statement posted on X while reacting
to a World Bank report on Nigeria’s economic performance.
He cited figures showing that the Federal Government spent
N7.7 trillion on debt interest between January and June 2026, compared with
revenue of N6.2 trillion during the same period.
Obi wrote, “In comparison, the APC-led Federal Government
spends about 11 times more on interest payment than on capital projects.”
Abiodun tasks political leaders, public servants on
strategic foresight as Ogun begins leadership training
Abiodun tasks political leaders, public servants on
strategic foresight as Ogun begins leadership training
“How do you explain the unsustainable debt crisis even with
exponential increase in revenue that we have had since 2023?” he asked.
He also claimed that spending on capital projects fell by
about N700 billion in the first half of the year, despite increases in
government revenue and borrowing.
Obi blamed what he described as reckless borrowing,
corruption and incompetence for the situation, arguing that improved economic
indicators did not necessarily mean Nigerians were living better.
“What comfort does higher revenue offer a mother who cannot
provide her children with a nutritious meal?” he asked.
The former Anambra State governor said economic reforms
should be judged by their impact on poverty, employment and the ability of
citizens to afford food, healthcare and education.
He urged the Federal Government to review its policies and
prioritise job creation, poverty reduction and the welfare of vulnerable
Nigerians.
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