The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticised President Bola Tinubu’s administration over its handling of the economy, arguing that improvements in some macroeconomic indicators have not translated into better living conditions for Nigerians.
Obi said the Federal Government should not interpret the recent World Bank report on Nigeria’s economic performance as proof that citizens’ living standards had improved.
In a statement, the former Anambra State governor maintained that economic growth and increased government revenue were insufficient measures of success while millions of Nigerians continued to struggle with poverty, unemployment and inequality.
He argued that genuine economic development should be measured by reductions in poverty, job creation and improved access to essential services, including food, healthcare and education.
According to Obi, the economic reforms introduced by the Tinubu administration had yet to deliver tangible benefits to ordinary 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 presidential candidate also expressed concern over Nigeria’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, compared with total revenue of ₦6.2 trillion during the same period.
He argued that the figures indicated that debt servicing exceeded government revenue by approximately ₦1.5 trillion, questioning why the country’s debt burden continued to rise despite increased revenue generation.
Obi further alleged that capital expenditure declined by about ₦700 billion in the first half of 2026, describing the situation as evidence of poor fiscal management.
He accused the Tinubu administration of reckless borrowing, corruption and incompetence, arguing that the reported spending pattern raised questions about the government’s economic priorities.
The former Labour Party presidential candidate also criticised what he described as the selective presentation of economic statistics to portray a positive picture of the economy while many citizens continued to experience hardship.
He maintained that Nigerians could not be expected to celebrate favourable economic indicators while struggling to afford food, healthcare and other basic necessities.
Obi also referenced 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 failed to adequately protect vulnerable citizens.
“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,” he said.
Obi urged the Tinubu administration to review its economic reforms and prioritise citizens’ welfare rather than celebrate what he described as incomplete economic statistics.
He said the ultimate measure of economic success should be whether Nigerians were eating better, living better and escaping 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.
