The presidential candidate of the Nigeria Democratic Congress, NDC, Mr Peter Obi, has criticised President Bola Tinubu’s administration over its dealing with of the financial system, insisting that enhancements in some macroeconomic indicators haven’t translated into higher dwelling situations for Nigerians.
Obi stated the Federal Government shouldn’t interpret the latest World Bank report on Nigeria’s economic efficiency as proof that the usual of dwelling of residents has improved.
In a press release, the previous Anambra State governor argued that economic development and elevated income technology have been inadequate measures of success when tens of millions of Nigerians continued to grapple with poverty, unemployment and inequality.
He maintained that the true indicators of economic growth ought to embrace a discount in poverty, job creation and improved entry to fundamental requirements akin to meals, healthcare and schooling.
“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 stated.
Obi additionally raised considerations over the nation’s debt burden, citing figures contained within the World Bank report titled “Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities”.
He claimed that the Federal Government spent N7.7 trillion on debt curiosity funds between January and June 2026, in contrast with complete income of N6.2 trillion throughout the identical interval.
The NDC presidential candidate stated the reported figures meant that debt curiosity funds exceeded authorities income by roughly N1.5 trillion, questioning why the nation’s debt burden continued to rise regardless of elevated income technology.
Obi additional alleged that capital expenditure had declined by about N700 billion within the first half of 2026, arguing that the state of affairs mirrored poor fiscal administration by the Tinubu administration.
He accused the federal government of reckless borrowing, corruption and incompetence, saying the reported expenditure sample raised questions on its economic priorities.
The former Labour Party presidential candidate additionally faulted the administration for what he described because the selective presentation of economic statistics to venture a constructive image of the financial system with out adequately addressing the hardship confronted by residents.
Obi stated the federal government couldn’t count on Nigerians to celebrate economic indicators whereas struggling to afford meals, healthcare and different fundamental wants.
He cited a United Nations Development Programme report, which he stated recognized Nigeria amongst nations the place features in poverty discount had been reversed, whereas arguing that the nation’s economic insurance policies had didn’t adequately defend weak residents.
“I’ve constantly argued that reforms ought to be evaluated in keeping with their penalties for the folks, notably the poorest and most weak.
“Measures that demand substantial sacrifices from citizens must deliver benefits that are visible, measurable, and broadly shared—not misrepresented reports and official celebrations,” he stated.
Obi urged the Tinubu administration to assessment its economic reforms and prioritise the welfare of Nigerians fairly than celebrate what he described as incomplete economic statistics.
He stated the final word measure of economic success ought to be whether or not residents have been consuming higher, dwelling higher 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.
