Labour Party’s 2023 presidential candidate, Mr. Peter Obi, has faulted the All Progressives Congress (APC) administration, saying that nearly a decade of its leadership has left Nigeria in a weakened state both economically and socially.
Speaking at a press briefing in Abuja, Obi lamented that Nigeria, which once held global acclaim at independence in 1960 as a promising political and economic power in Africa, has been set back by years of poor leadership. He accused the present administration of worsening hardship for citizens through policies that prioritize revenue over the welfare of the people.
Obi pointed out that in just one year under President Bola Tinubu, more than 15 million Nigerians have slipped into extreme poverty, while about 150 million now lack access to essential services such as healthcare, education, water, and sanitation. “This number grows daily under an APC government that taxes struggling citizens heavily while spending extravagantly on luxuries,” he said.
He cited billions spent on new presidential jets, luxury cars, and a N25 billion renovation of the vice president’s residence, which he compared unfavorably to the combined capital budgets of six major teaching hospitals. He also condemned allocations such as N10 billion for car parks and canteens in the National Assembly, saying they outweigh the entire budget for the Ministry of Science and Technology at a time when innovation is critical to national development.
Obi noted that despite these expenditures, ordinary Nigerians are forced to pay more for essentials like food, rent, petrol, electricity, healthcare, and permits, while receiving less in return. He referenced projections from UNICEF and the World Food Programme warning that 33 million Nigerians could face acute hunger by 2025.
Reflecting on the past, he recalled that Nigeria’s debt in 2007 stood at about N2.5 trillion—just 10 percent of GDP—after debt relief secured under President Olusegun Obasanjo. By 2014, Nigeria had become Africa’s largest economy and was moving toward middle-income status. But since the APC came to power in 2015, Obi said the nation has slipped backwards, with debt now at N175 trillion—nearly 50 percent of GDP—without corresponding growth in productive sectors.
According to him, Nigeria has fallen behind South Africa, Egypt, and Algeria, sliding to the fourth-largest economy in Africa, while insecurity, corruption, and lawlessness have worsened the investment climate. “Incompetence in security management has turned our country into one of the most terrorised and unsafe nations in the world,” Obi added.
Despite the bleak outlook, he maintained that Nigeria’s potential remains vast if guided by capable leadership. He called for disciplined economic management, investment in human capital, infrastructure development, and adherence to the rule of law. He also urged leaders to learn from nations such as China, India, Indonesia, and Bangladesh, which successfully turned around their economies with people-centred policies and fiscal discipline.
Obi ended with a call for a new brand of politics built on compassion, competence, and commitment to the common good. He urged leaders to put aside corruption and self-interest, insisting that Nigerians must not lose hope. “The failures of the current administration should not drive us into despair. Instead, they should strengthen our resolve to rebuild. Nigeria will rise again,” he said.
