Political Giants Lambast Tinubu's Massive Borrowing Spree

Former President Olusegun Obasanjo and presidential candidate Peter Obi have launched scathing criticisms against President Bola Tinubu's administration, primarily focusing on its borrowing policies and overall economic management. Obasanjo directly challenged Tinubu's assertion that “borrowing is not leprosy,” calling it “absolute nonsense” and arguing that debt is far worse as it “destroys generations,” unlike leprosy which affects only one person. He expressed deep concern over Nigeria's economic trajectory, noting the drastic devaluation of the naira from N1:$1.85 forty-seven years ago to approximately N1500:$1 today, questioning the country's progress and leadership capacity. Obasanjo further criticized Nigeria's dependence on foreign institutions like the World Bank and International Monetary Fund (IMF), suggesting their policies are not tailored to Nigeria's unique challenges and recalling instances where agricultural subsidies were discouraged despite being common in developed countries. He warned against blindly adopting economic prescriptions from foreign-trained experts without considering Nigeria’s realities.

Adding to the chorus of criticism, Peter Obi accused President Tinubu's administration of borrowing nearly $100 billion without adequate accountability. Speaking in Yenagoa, Obi urged Nigerians to replace the All Progressives Congress (APC) government, asserting that Tinubu lacks the necessary capacity and energy to effectively govern the nation and is “tired of running the affairs” of the country. Obi painted a grim picture of Nigeria's current state, highlighting widespread poverty, hunger, and a struggling social infrastructure, where citizens often resort to prayer for health due to inadequate hospitals and schools are scarce, leading to high youth unemployment. He emphasized the urgent need for a shift from a consumption-based economy to one focused on production, proposing this as a core tenet of the Nigeria Democratic Congress (NDC) vision. Both Obasanjo and Obi raised fundamental questions about the competence and compassion of the current leadership in addressing the nation's pressing issues, with Obi explicitly stating the APC government is “incompetent” and lacks “compassion.”