Obi Slams Tinubu’s Economic Policies, Warns of Rising Debt, Economic Hardship

Former Anambra State Governor and Labour Party’s 2023 presidential candidate, Peter Obi, has delivered a scathing critique of President Bola Tinubu’s economic policies, asserting that poor governance and a lack of productivity have exacerbated Nigeria’s economic crisis.

Speaking in an interview on Arise News Prime Time on Tuesday night, Obi condemned the decision to float the naira without first ensuring a strong foundation for productivity.

He also expressed deep concerns about the country’s escalating debt profile, which he says now threatens the nation’s economic stability.

Obi lamented that the cost of servicing Nigeria’s debt now surpasses budget allocations for crucial sectors such as health and education.

He argued that if he had been elected president, the country would have witnessed “drastic positive changes” within two years.

“The President has been in office for almost two years, and look at where we are. It means you can change things in two years. If I were there, you would have seen considerable improvements in critical areas. I would tackle corruption head-on and reduce the cost of governance. Every borrowed naira would be invested in key sectors,” Obi asserted.

He highlighted Nigeria’s soaring interest rates, which have made it increasingly difficult for businesses to survive.

“The current administration inherited a debt of about N17 trillion; today, it is over N170 trillion. Companies are shutting down because of an interest rate of over 40%. How do you expect businesses to thrive?” he asked.

READ ALSO: Release of allocation to Rivers Sole Administrator unlawful, disregard for rule of law – Obi

Obi further criticized the government’s failure to invest in primary healthcare centers and education, noting that more than 70% of PHCs are currently non-functional.

“These are critical areas that define a nation’s future, and yet they remain neglected. Under my leadership, these would have been top priorities,” he emphasized.

Amid internal turmoil in the Labour Party (LP), Obi accused the federal government of deliberately fueling the crisis to destabilize the opposition. However, he reaffirmed his loyalty to the party and dismissed speculation about defecting to another platform.

“I am still in the Labour Party. The disarray you see in LP is caused by the federal government. If there’s any change, I will let Nigerians know,” he stated.

Regarding his ongoing discussions with Atiku Abubakar and other political figures, Obi insisted that his focus remains on Nigeria’s progress, not personal ambition.

“Elections are won and lost by the votes of the people. But we are not in a democracy yet. I am working with others, not because I am desperate to be president, but because I am desperate to see Nigeria work.”

Obi also denounced the federal government’s response to the Rivers State political crisis, which escalated into discussions of a state of emergency.

“What happened in Rivers State was unfortunate. Some people made the state ungovernable for political reasons. Declaring a state of emergency weakens the little democracy we have left,” he said.

He accused the Tinubu administration of stifling opposition and free speech, warning that political persecution and intimidation are becoming widespread.

READ ALSO: Emergency rule: Obi urges LP NASS members not to compromise integrity of democracy

“There is no democracy without a functional legislature and an independent judiciary. Today, people are being detained for expressing their opinions. I face harassment every day. The Nigerian political space is designed to suppress opposition, unlike South Africa, where proportional representation strengthens democracy,” he added.

When asked about his intentions for the 2027 presidential election, Obi remained noncommittal, insisting that his primary concern is fixing Nigeria rather than securing political power.

“Yes, I am part of the coalition, but any alliance must prioritize Nigeria’s future. We need to invest in education, health, and infrastructure—not just seek power for its own sake. I am not desperate to be president, but I am desperate to see Nigeria work,” he reiterated.

Obi’s comments reflect growing discontent with the current administration’s economic policies, as the country grapples with inflation, unemployment, and a worsening cost-of-living crisis.