The Labour Party’s presidential candidate in the 2023 election, Peter Obi, a prominent opposition figure, has openly disputed President Bola Tinubu’s claims of economic progress, asserting that Nigeria’s challenges have deteriorated over the past 18 months, with its economic and social indicators in decline. Obi, speaking in a recent interview with Arise TV, expressed his discontent with the current administration’s handling of the economy, describing the government’s self-assessed performance as disconnected from the harsh realities faced by Nigerians. He argued that key economic indicators paint a bleak picture of the nation’s current situation, contrary to the administration’s claims of progress.
Speaking on Nigeria’s poor status, Obi underlined that over 100 million Nigerians live in extreme poverty, while more than 150 million face multidimensional poverty. He described the previous years as particularly detrimental, with the country dropping from being Africa’s largest Economy in 2014, boasting a GDP of $574 billion, to its current position as fourth on the continent, with a GDP of roughly $200 billion. In a similar vein, he stated that within the same time frame, Nigeria’s GDP per capita fell from $3,500 to about $1,000.
Corruption and mismanagement have reportedly gotten worse.
Obi also voiced serious concerns about growing insecurity, pointing out that the Global Peace Index places Nigeria among the world’s least peaceful and most unsafe countries. Food shortages have made Nigeria one of the world’s most hungry nations, while community displacement has put many in internally displaced persons (IDP) camps. Many Nigerians now borrow money to eat, and some turn to palliatives to survive, according to Obi, who chastised the government for its failure to address hunger. The former governor also brought attention to the country’s inadequate electrical supply and energy grip collapse, which has reportedly happened 12 times in a 12-month period.
This persistent problem, he said, impedes national progress and is a reflection of inadequate governance in the energy industry. Obi asserted that under the current administration, Corruption and fiscal mismanagement have gotten worse. Nigeria’s national debt has risen dramatically, from over ₦15 trillion in 2015 to over ₦100 trillion today, with the majority of the borrowing, he said, has gone into non-regenerative projects, leaving little for real development. Businesses are faltering, Unemployment is increasing as Manufacturing companies close, and Inflation is still at record highs.
Government urged to prioritize lowering governing costs.
He also criticized Nigeria’s electoral system, saying that many voters’ decisions are not taken into account and that elections are not credible or transparent. He bemoaned how these problems weaken democracy and further erode public confidence in the government. In his recommendations for reform, Obi urged the government to prioritize lowering governing costs and reroute funds to vital sectors including Poverty reduction, education, security, and health. He demanded a vigorous campaign against corruption and the use of open procedures in project management and public procurement.
Future borrowing, he noted, should be corresponding to visible assets and regenerative investments in order to guarantee Productivity and the ability to repay debt. Obi also made a direct plea to President Tinubu, suggesting a change in priorities. He bemoaned the president’s frequent international travels and recommended that Tinubu spend more time touring Nigeria’s 36 states in order to gain a deeper understanding of the nation’s Security and economic issues. Obi’s remarks have sparked intense discussion as the country navigates these tumultuous times, with many people echoing his worries about the economy.
Related Article: Peter Obi blames leaders for economic crisis
Meanwhile, the administration has maintained that its policies are focused on long-term stability and progress, urging Nigerians to exercise patience. In an open statement addressed by APC, the ruling party, to Peter Obi, it noted that Obi’s remark, that the nation’s political, economic, and security situation are getting worse, is deceptive and seems to be meant to score cheap political points. It pointed out that this assertion clearly positions Obi as Nigeria’s top doomsayer at a time when all signs point to a substantial recovery in every sector of the economy. In reality, the economy has demonstrated consistent growth under President Bola Ahmed Tinubu’s leadership after 18 months in office, the statement added.