Obi questions Tinubu’s economic performance, cites debt burden, poverty

Stanley Ihedigbo

Presidential Candidate, Nigerian Democratic Congress (NDC), Peter Obi, has criticised the economic policies of President Bola Tinubu’s administration, arguing that improvements in some macroeconomic indicators have yet to translate into better living conditions for Nigerians.

Obi, in a statement titled “Celebrating microeconomic stability amidst increasing poverty,” said reported gains in economic growth and government revenue should not be presented as evidence that the country’s economic situation has improved for ordinary citizens.

He argued that the true measure of economic development should include declining poverty levels, increased employment opportunities for young people and reduced inequality.

According to him, economic stability cannot be established solely by rising government revenue, stronger foreign reserves or growth in gross domestic product (GDP), but must also reflect citizens’ ability to afford food, access healthcare, educate their children and live with dignity.

“What comfort does higher revenue offer a mother who cannot provide her children with a nutritious meal? What does higher government revenue mean to a family forced to choose between purchasing food and paying for medicine?” Obi asked.

The former Anambra State governor also questioned the country’s debt burden, citing figures he attributed to a World Bank report titled “Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities.”

According to the figures cited in his statement, 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.

Obi said the reported interest payments exceeded revenue by approximately ₦1.5 trillion, raising concerns about the sustainability of the country’s borrowing and fiscal management.

He further alleged that despite increased revenue and borrowing, federal capital expenditure declined by about ₦700 billion in the first half of the year.

The NDC presidential candidate also claimed that the Federal Government spent approximately 11 times more on debt interest payments than on capital projects, which he said raised questions about spending priorities and the resources available for development.

Obi attributed the situation to what he described as excessive borrowing, corruption and poor economic management under the Tinubu administration.

He maintained that the presentation of selected economic indicators could not replace a comprehensive assessment of how government policies affected household incomes, employment and access to essential services.

According to him, Nigerians should not be expected to celebrate economic statistics while struggling with the rising cost of living and other financial pressures.

The NDC presidential candidate also cited a figure of about 140 million Nigerians living in multidimensional poverty and referred to a United Nations Development Programme (UNDP) report, which he said indicated that previous gains in poverty reduction had been reversed in Nigeria.

He called for greater emphasis on policies that improve citizens’ welfare, arguing that economic reforms should be assessed by their impact on living standards rather than revenue growth alone.

Obi’s position underscores the continuing debate over the Tinubu administration’s economic reforms, particularly whether improvements in government finances and selected economic indicators are translating into tangible benefits for households and businesses.