Peter Obi Knocks Tinubu Over Nigeria’s Economy, Declining Capital Spending

The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has questioned the economic priorities of President Bola Tinubu’s administration, saying Nigerians have little to celebrate despite reported improvements in some economic indicators.

Obi argued that rising government revenue and economic growth should not be seen as proof that the lives of ordinary Nigerians have improved, especially as many citizens continue to struggle with poverty, unemployment and the high cost of living.

In a statement via his 𝕏 handle, the former Anambra State governor warned the Federal Government against interpreting the recent World Bank report on Nigeria’s economic performance as evidence of improved living conditions.

He maintained that the success of any economic policy should be measured by its impact on citizens, including their ability to afford food, access healthcare, educate their children and secure jobs.

According to Obi, the economic reforms introduced by the Tinubu administration have yet to produce visible benefits for millions of 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.

The NDC candidate also raised concerns over the country’s debt burden, citing figures from a World Bank report titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities.

Obi claimed that the Federal Government spent ₦7.7 trillion on debt interest payments between January and June 2026, while its total revenue during the same period stood at ₦6.2 trillion.

He said the figures meant that interest payments exceeded government revenue by about ₦1.5 trillion, questioning why the country continued to face a growing debt burden despite increased revenue generation.

The former Labour Party presidential candidate further alleged that capital expenditure fell by about ₦700 billion in the first half of 2026.

He argued that the reported figures raised questions about the government’s fiscal management and its priorities, accusing the administration of reckless borrowing, corruption and incompetence.

Obi also faulted the Federal Government for what he described as the selective presentation of economic statistics to paint a positive picture of the economy while overlooking the hardship faced by citizens.

He said Nigerians should not be expected to celebrate economic gains on paper when many could barely afford food, healthcare and other basic necessities.

The former Anambra governor also referred to a United Nations Development Programme report, which he said identified Nigeria among countries where progress in poverty reduction had been reversed.

He argued that the country’s economic policies had not done enough to protect poor and vulnerable Nigerians from the effects of the reforms.

“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,” Obi said.

He urged the Tinubu administration to review its economic policies and focus more on improving the welfare of Nigerians instead of celebrating what he described as incomplete economic statistics.

Obi added that the real test of economic progress was whether citizens could eat better, enjoy improved living conditions and escape 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.