The 2023 presidential candidate of the Labour Party (LP), Mr. Peter Obi, has said that the economic reforms under President Bola Tinubu’s administration are pushing Nigerians deeper into poverty.
Obi’s remarks follow a new policy study released by Agora Policy, with support from the Nigeria Economic Stability and Transformation Programme and the Foreign, Commonwealth and Development Office of the United Kingdom.
He stated that the recent reports should deeply concern every responsible leader and citizen in Nigeria.
Citing the reports, Obi noted that the poverty rate in Nigeria has climbed from about 40% before the current reforms to over 63% today under Tinubu’s administration.
“Explicitly showing that the economic reforms of this administration have pushed more Nigerians into poverty than ever experienced in our dear nation. For a country whose population is estimated at over 220 million people, this means that well above 140 million Nigerians now live in poverty. Families nationwide can no longer afford basic necessities such as food, transportation, rent, or healthcare.
“Across the six geopolitical zones of Nigeria, families report painful coping strategies, reducing food consumption, trekking instead of using public transport, having no electricity to use, and borrowing simply to survive. Small businesses, which are the backbone of our economy are shutting down,” he remarked.
Obi argued that an economy cannot be said to be improving when the majority of its people are becoming poorer, while pointing out the contrast between the growing hardship faced by ordinary Nigerians and the continued pattern of lavish and insensitive spending by those in power.
He also decried that at a time when citizens are tightening their belts, struggling to eat, and watching their businesses collapse, the politicians continue to spend huge budgets on their comfort and other non-essential extravagances.
The former Anambra State governor explained that leadership must lead by example, especially during difficult times. “You cannot ask the citizens to fast while you feast. Sacrifice must begin from the top.”
Obi asserted that true economic reform must be people-centred and protect the most vulnerable while pursuing fiscal sustainability.
He emphasised that reforms that deepen poverty, widen inequality, and crush small businesses cannot be described as successful.
Obi further stated that Nigeria is blessed with immense human and natural resources, stressing that the country requires leadership that prioritises prudence, compassion, and accountability, and measures success not by elite comfort but by the well-being of the ordinary Nigerian.
He added that Nigeria must urgently implement policies that support development, expand production, strengthen small businesses, and protect vulnerable households.
