Former Anambra State governor and presidential candidate of the Labour Party in the 2023 general election, Mr Peter Obi, has expressed deep concerns over Nigeria’s economic direction under President Bola Tinubu.
Obi, while speaking on Arise News Prime Time on Tuesday, criticized the administration’s handling of key economic policies, particularly the floating of the naira without a strong productive base, which he said has worsened the country’s economic woes.
Obi lamented the rising debt profile of Nigeria, stating that the current administration inherited a debt of about N17 trillion but has increased it to over N170 trillion in just two years.
According to him, the cost of servicing these debts has surpassed the budgetary allocations for critical sectors such as health and education.
“The cost of debt servicing is above the budget for critical areas like health and education. Seventy percent of our primary healthcare centres are not functioning. I would fix our PHCs and primary schools if I were president,” Obi stated.
The former governor also criticized the high-interest rates, which he said have made it difficult for businesses to thrive, further aggravating the economic crisis.
“Today, nobody is producing anything. How can you do business when the interest rate is over 40%? So, we need to do the right thing, and we can do it,” he said.
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Obi argued that if he were president, the country would have seen drastic improvements within two years through targeted investments in productivity and a crackdown on corruption.
“The President that is there today, how many years has he stayed? Two years, and look at the turn of things. It means you can change things in two years.
“That means if I were there, you would have seen considerable change in critical areas. I would tackle corruption head-on, and I would reduce the cost of governance. You would have seen borrowed money invested in critical areas,” he said.
Obi also touched on the crisis within the Labour Party, blaming the ruling government for interfering and causing internal conflicts within the opposition.
“The disarray in the LP is caused by the Federal Government. Yes, I am in the Labour Party. If anything changes, I will let you know,” he said.
He further accused the Tinubu administration of stifling opposition voices and creating an environment where political dissent is suppressed.
He highlighted the handling of the Rivers State political crisis, criticizing the government’s approach to governance.
“There is no democracy without a functional legislature and an independent judiciary. There is no freedom of speech as people are in detention for what they say. I am also harassed every day,” Obi noted.
On the possibility of running for president again in 2027, Obi maintained that his priority was to contribute to rebuilding Nigeria rather than merely seeking power.
“I am reluctant to talk about 2027. Yes, I am part of the coalition. But whatever alignment must discuss the future of the country. We must discuss doing it to invest in education, not just to wrest power. We are talking about working together to save Nigeria. I am not desperate to be President but to see Nigeria work,” he said.
Obi reiterated his commitment to fostering a working democracy where opposition parties can function effectively, citing the need for constitutional changes to strengthen Nigeria’s democratic structures.
“In those countries, you cannot cross from one party to another without consequences. You lose your seat if you do so.
That is why we want a change in the Constitution to build a viable system. If I were president, I would make sure the country is democratic and the opposition thrives. Parties should function the way they should. There is a need to fix this democracy,” he concluded.
