Peter Obi, the Labour Party’s presidential candidate in the 2023 general election, has strongly criticized President Bola Ahmed Tinubu’s administration, accusing it of unprecedented levels of borrowing and widespread policy failures over the past two years.
In a statement titled “Democracy in Decline: Reflecting on Two Years of Tinubu’s Governance” released on Thursday, Obi offered a scathing review of the current state of the nation. He asserted that the Tinubu-led government has borrowed more within two years than the combined administrations of former Presidents Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
According to Obi, an overall assessment of Tinubu’s governance reveals systemic failures across key indicators, including economic management, anti-corruption efforts, national security, and institutional accountability.
“The administration has underperformed on virtually all fronts,” Obi stated. “The current leadership is marked by impunity, disregard for the rule of law, and a lack of transparency. These are not characteristics of a functioning democracy.”
Obi also criticized President Tinubu’s extensive international travels, which he described as excessive and detached from domestic realities. “Mr. President, you have embarked on over 30 international trips, spending nearly 150 days abroad. Touring all 36 states of Nigeria—spending just two days per state—would take 72 days, significantly less than the time already spent overseas. It is time to engage directly with Nigerians on the ground,” he said.
He urged Tinubu to take a cue from former President Yar’Adua, who acknowledged flaws in the process that brought him to power and took steps to restore public trust. Obi also cited former President Jonathan’s decision to concede defeat in 2015 as a critical moment that safeguarded Nigeria’s democracy.
“Today, the fundamentals of democracy are eroding. The government of the people, by the people, and for the people is a distant ideal. Electoral processes are fraught with irregularities, and public offices are increasingly occupied by individuals who fail to meet basic eligibility requirements,” Obi said.
On the economic front, Obi painted a dire picture. “In May 2023, Nigeria’s GDP was approximately $364 billion. It has now fallen to around $188 billion—a near 50% decline. GDP per capita has also plummeted from $1,640 to about $835. Meanwhile, the rate of multidimensional poverty has surged from 38.9% to 54%, with around 129 million Nigerians living below the poverty line.”
Citing World Bank data, Obi added that 75% of Nigeria’s rural population is now living in poverty, and the situation is deteriorating in urban areas as well. He also raised concerns over education and healthcare, noting that Nigeria has the highest number of out-of-school children globally, and that less than 20% of primary healthcare centres across the country are operational.
“Students now take national exams by candlelight. Healthcare delivery is in crisis. I have personally visited clinics where delivery rooms lack basic sanitation facilities,” Obi said, citing a UN report naming Nigeria the worst country in the world for childbirth.
He also highlighted the collapse of the private sector, noting the closure of about 7 million SMEs and the exit of more than 15 multinational companies—including GlaxoSmithKline, Diageo, and Shoprite—due to an increasingly hostile business environment.
Obi expressed deep concern over rising hunger and food insecurity, referencing the Global Hunger Index, which ranks Nigeria among the most affected countries. “Millions of Nigerians can no longer afford daily meals. Disposable income is non-existent, and stress-related mental health issues have surged dramatically. We are now one of the top three countries with the highest levels of public stress.”
On public finance, Obi condemned what he described as fiscal recklessness. Despite the removal of the fuel subsidy—which the government claimed would reduce reliance on loans—he said borrowing has skyrocketed, pushing Nigeria’s public debt to nearly N188 trillion.
“Citizens were told the subsidy savings would be redirected to essential sectors. Yet, we see no tangible improvement in education, healthcare, or poverty alleviation. Instead, corruption has flourished,” he remarked.
He also decried the alleged inflation of the 2025 national budget, citing a BudgIT report that exposed questionable insertions totaling about N7 trillion. “The national budget has become a conduit for looting. This pattern of budget padding and fiscal misconduct is deeply concerning.”
Obi concluded his address by calling on President Tinubu to prioritize the welfare of Nigerians and recommit to the principles of democracy, accountability, and development.
