Lagos, Nigeria – Peter Obi, the Labour Party’s candidate in the 2023 presidential election, has sharply criticized the administration of President Bola Tinubu, accusing it of inefficiency in implementing economic policies that could address the country’s pressing economic challenges. Speaking on Arise News Prime Time, Obi expressed disappointment over the President’s decision to float the naira without enhancing productivity, while also criticizing the escalating debt profile and the skyrocketing cost of debt servicing, which now surpasses allocations for critical sectors such as health and education.

Obi, who previously served as the governor of Anambra State, argued that the current administration has failed to address the root causes of Nigeria’s economic woes. He pointed to the sharp increase in the national debt from approximately N17 trillion to over N170 trillion within just two years, highlighting the burden of servicing the debt, which takes precedence over funding essential sectors.

“If I were president, I would have injected money into productivity and aimed for a more sustainable economy,” Obi stated. “Two years into Tinubu’s tenure, and look at the state of the economy. You can bring change in two years if you focus on the right areas. If I were in charge, you would have seen drastic improvements in critical sectors like education, health, and infrastructure.”

Obi also criticized the rising interest rates under the current administration, which he argued have stifled businesses. “How can businesses survive when interest rates exceed 40%? This is a major barrier to economic growth. Without productivity, devaluing the naira is a double whammy,” Obi lamented.

The Labour Party leader emphasized that while the government continues to pile up debt, essential services such as primary health care and education remain neglected. “Seventy percent of our primary health care centers are not functioning, and the education system is in shambles,” Obi said, pledging that his administration would prioritize revamping these vital services.

Obi, who confirmed he remains a member of the Labour Party, expressed his commitment to collaborating with other political forces, including former Vice President Atiku Abubakar, for the benefit of Nigeria. “I’m not desperate to be president, but I am desperate to see Nigeria work. We must work together for the good of the country,” he said, stressing the importance of coalition-building to address the nation’s challenges.

He also criticized the political environment, accusing the current government of undermining democracy by stifling opposition voices. Obi pointed to the recent emergency rule in Rivers State, arguing that it was a negative development for the country’s fragile democracy. He called out the administration for intimidating opposition figures and preventing genuine democratic discourse.

“The political space is designed not to accommodate opposition,” Obi asserted. “In democracies like South Africa, opposition parties thrive because of proportional representation, but in Nigeria, parties are often undermined, and the opposition is targeted.”

On the issue of the 2027 presidential election, Obi said he was not focused on personal ambition but rather on ensuring the survival of democracy and good governance in Nigeria. “My concern is not about running for president in 2027. It’s about working together to invest in the future of Nigeria. We need to fix this democracy and make sure that the opposition can function properly,” he explained.

Obi’s comments come at a time of widespread frustration with the economic difficulties faced by Nigerians, particularly in light of rising inflation, increasing debt, and widespread poverty. His call for a shift in focus to productive economic strategies has resonated with many who are dissatisfied with the status quo under the current administration.