The Labour Party’s former presidential candidate, Peter Obi, has accused President Bola Tinubu of mismanaging the country’s economy, plunging Nigeria into bankruptcy barely two years after succeeding late Muhammadu Buhari.
Obi said that rather than the incumbent administration introducing policies that could address Nigerians’ challenges, the Tinubu government embarked on reckless borrowing and wasteful governance, resulting in the country’s economic collapse.
The Anambra State former governor said the nation, once celebrated as Africa’s largest economy, has been dragged into debt dependency and deepening poverty under the current administration.
According to him, Nigeria’s leadership has abandoned productive investments in favour of luxury and extravagance, leaving citizens to bear the brunt of hardship.
“This government has borrowed Nigeria into bankruptcy without offering Nigerians any tangible improvement in their daily lives,” Obi said, insisting that the debt burden has crippled growth and widened inequality.
In his Independence Day message to Nigerians, he revealed that the country’s debt profile has risen from N2.5 trillion after President Olusegun Obasanjo’s debt relief deal in 2007 to N175 trillion today, almost half of the nation’s GDP.
Furthermore, he lamented that while billions are allocated for luxury jets, cars, and renovations of official residences, critical sectors like healthcare, education, and infrastructure remain underfunded.
According to him, our leaders are living large while millions of Nigerians sink deeper into poverty.
Obi also warned that the human cost of mismanagement is alarming, noting projections that about 33 million Nigerians may face severe hunger in 2025.
He criticized worsening insecurity, stressing that terrorism and kidnapping continue to scare away investors.
Despite his harsh assessment, Obi maintained that Nigeria’s greatness is still possible if leaders embrace competence, accountability, and compassion.
“We cannot sustain a system where leaders feast while citizens starve. Nigeria will rise again, but only with the right leadership,” he said.
