The presidential candidate of the Nigeria Democratic Congress, NDC, Mr Peter Obi, has criticised President Bola Tinubu’s administration over its handling of the economy, insisting that improvements in some macroeconomic indicators have not translated into better living conditions for Nigerians.
Obi said the Federal Government should not interpret the recent World Bank report on Nigeria’s economic performance as evidence that the standard of living of citizens has improved.
In a statement, the former Anambra State governor argued that economic growth and increased revenue generation were insufficient measures of success when millions of Nigerians continued to grapple with poverty, unemployment and inequality.
He maintained that the true indicators of economic development should include a reduction in poverty, job creation and improved access to basic necessities such as food, healthcare and education.
According to Obi, the economic reforms introduced by the Tinubu administration have yet to deliver tangible benefits to ordinary Nigerians.
“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 said.
Obi also raised concerns over the country’s debt burden, citing figures contained in 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 interest payments between January and June 2026, compared with total revenue of N6.2 trillion during the same period.
The NDC presidential candidate said the reported figures meant that debt interest payments exceeded government revenue by approximately N1.5 trillion, questioning why the country’s debt burden continued to rise despite increased revenue generation.
Obi further alleged that capital expenditure had declined by about N700 billion in the first half of 2026, arguing that the situation reflected poor fiscal management by the Tinubu administration.
He accused the government of reckless borrowing, corruption and incompetence, saying the reported expenditure pattern raised questions about its economic priorities.
The former Labour Party presidential candidate also faulted the administration for what he described as the selective presentation of economic statistics to project a positive picture of the economy without adequately addressing the hardship faced by citizens.
Obi said the government could not expect Nigerians to celebrate economic indicators while struggling to afford food, healthcare and other basic needs.
He cited a United Nations Development Programme report, which he said identified Nigeria among countries where gains in poverty reduction had been reversed, while arguing that the country’s economic policies had failed to adequately protect vulnerable citizens.
“I have consistently argued that reforms should be evaluated according to their consequences for the people, particularly the poorest and most vulnerable.
“Measures that demand substantial sacrifices from citizens must deliver benefits that are visible, measurable, and broadly shared—not misrepresented reports and official celebrations,” he said.
Obi urged the Tinubu administration to review its economic reforms and prioritise the welfare of Nigerians rather than celebrate what he described as incomplete economic statistics.
He said the ultimate measure of economic success should be whether citizens were eating better, living better 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.
Incompetent Tinubu govt shouldn’t celebrate World Bank economic report – Obi