The presidential candidate of the National Democratic Congress (NDC), Peter Obi, said that despite the removal of the fuel subsidy and what he described as reckless borrowing that has pushed Nigeria’s debt to over N165 trillion, there has been little or no corresponding increase in productivity under President Bola Tinubu.
Mr Obi made the claim on Monday, during the inauguration of the NDC Campaign Council in Abuja.
“Even with the removal of the fuel subsidy and reckless borrowing, with a debt of over N165 trillion, there has been little or no corresponding increase in productivity,” Mr Obi said.
Mr Obi said Nigeria, which he described as richly endowed and the giant of Africa, is now the world’s poverty capital.
“Regrettably, over 140 million Nigerians are multidimensionally poor, representing more than 60 per cent of the population,” he said.
He said corruption remains widespread, while insecurity affects every part of our country, noting that “unemployment and inequality are at record levels, and Nigerians face severe and avoidable hardship,” he said.
He accused Tinubu of foisting on Nigeria what he called a reign of corruption and duplicity, resulting in extreme poverty.
“In the last three years, President Tinubu has foisted on Nigeria a reign of corruption and duplicity, resulting in extreme poverty. Today, President Tinubu has made history as the leader who has created the largest number of poor people in the world. This year, he has made about 16 million Nigerians extremely poor,” Mr Obi said.
Mr Obi also faulted Tinubu for blaming past and opposition leaders for hunger and poverty during the launch of his re-election campaign in Kaduna last Saturday.
“What is clear is that President Tinubu does not have the competence, the capacity, the character, compassion or the commitment to solve the problems he created. He lacks the energy and the resolve to get Nigeria out of the current worsening crisis,” he said.
Electricity, insecurity and values crisis
Mr Obi said despite Tinubu’s promise to fix electricity, Nigeria now has the lowest consumption of electricity.
“Without reliable power, businesses cannot expand efficiently, hospitals cannot provide dependable services, schools struggle to operate effectively, and households face additional financial burdens,” he said.
He said an NDC government would pursue an electricity reform programme focused on reliability, affordability, investment, and accountability.
“We will work with relevant federal and state institutions, regulators, operators, and investors to address the weaknesses affecting generation, transmission, and distribution,” Mr Obi said.
He said under Tinubu, Nigeria is more divided than ever, more terrorised than ever and more insecure than ever.
“Under President Tinubu, Nigeria has fallen into a crisis of values, such that our budgets are no longer credible and our laws are forged. Nothing is sacred. Nothing is spared from degradation, not budgets, not laws, not institutions,” he said.
He also said corruption has become more pervasive under Tinubu’s APC-led government, adding that no state institution has been spared since 2023.
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“Corruption today has become more pervasive under President Bola Ahmed Tinubu’s All Progressives Congress (APC)-led government. No state institution has been spared, and since 2023, its effects have spread throughout national life,” he said.
A new Nigeria possible
Mr Obi said engagements with Nigerians across the country showed that Nigerians want and deserve a better, more productive nation, one in which good governance is visible, firmly established, effectively practised and embraced as part of national culture.
“I, Peter Obi, with my very dear elder brother, Rabiu Kwankwaso, implore and beckon all of you, committed members of our great party, the NDC, and all Nigerians, to join us in this crusade of rebuilding our dear and most endowed nation, Nigeria.
“Today, we begin a renewed journey towards a New Nigeria, united by shared purpose, founded on fairness, justice and equity, and committed to productivity, inclusion and development.
“We envision a nation where the government prioritises the security and welfare of its people, good governance prevails, and public officials remain accountable. It will be a law-abiding society of healthy, skilled and educated citizens, where every child attends school and learns to read and write,” he said.
He said no Nigerian should live in a displaced persons camp, and “corruption must no longer weaken our institutions or the fabric of our nation.
“A New Nigeria is our vision. A New Nigeria is our mission,” he said.
