Peter Obi, the Labour Party’s 2023 presidential candidate, criticized President Tinubu’s economic policies as ineffective in an interview, specifically citing the floating of the naira without increased productivity and the rising national debt, which he said exceeded budget allocations for essential sectors.
Obi claimed that, if he were president, he would have prioritized investments in productivity, resulting in a significantly improved economy within two years.
He stated, “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.”
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Obi also criticized the high interest rates under Tinubu’s administration, arguing they are hindering the growth of businesses in the country.
“Also, we have a country that is in huge debt. The current administration met a debt of about N17tn; in two years, it has moved to over N170tn.
“The cost of debt servicing is above the budget for critical areas like health, and education. 70 per cent of our primary health care centres are not functioning. I would fix our PHCs and primary schools if I were president,” Obi added.
“I ran in 2023 because I wanted to do something different. By now, you would have seen something different in education. I would have even visited schools. In the health sector, we have over 70% of primary healthcare not functional. I want Nigeria to know it is about their country. So many Nigerians today don’t know where the next meal will come from. So, the people have to know that this man can do it.
“You talk about the devaluation of the naira; there is nothing wrong with it. I would have allowed the naira to follow, but there would be productivity.
Because when you don’t have productivity and you devalue your money, it’s a double whammy. So, I would have injected money into productivity.
“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.”
Obi held President Tinubu’s administration responsible for the nation’s economic struggles, demanding that the President be answerable to the Nigerian public.
He stated, “It is not enough that your aides are running around. You, as the leader, have to have the idea, the energy, and the competency to do the job. It is not something that you can lease out. You are the leader; you should be answerable to the people. We have too much-delegated responsibility; that shouldn’t be.”
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