The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticised the President Bola Tinubu-led All Progressives Congress (APC) government, saying that the country’s reported macroeconomic improvements have yet to translate into better living conditions for Nigerians.
In a statement on Monday, Obi asserted that improvements in economic growth and revenue generation should not be misinterpreted as evidence that the standard of living of Nigerians is improving.
He argued that the true indicators of economic development should be declining poverty, job creation for young people, and a reduction in inequality.
Obi stated that the “so-called ‘economic stability’ has not resulted in higher living standards, improved employment opportunities, and reduction of poverty and inequality across Nigeria.”
The former Anambra State governor maintained that an economy cannot be considered truly stable merely because government revenue increases, foreign reserves strengthen or Gross Domestic Product (GDP) grows.
He stressed that economic stability should be reflected in the ability of citizens to afford food, access healthcare, educate their children, and live with dignity.
“What comfort does higher revenue offer a mother who cannot provide her children with a nutritious meal? What does higher government revenue mean to a family forced to choose between purchasing food and paying for medicine?” Obi asked.
He also questioned the benefits of the government’s economic reforms, arguing that ordinary Nigerians continue to bear the costs and hardship associated with the policies.
Citing the World Bank report titled “Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities”, Obi noted that the Federal Government spent ₦7.7 trillion on debt interest payments between January and June 2026, compared with total revenue of ₦6.2 trillion during the same period.
He mentioned that the debt interest payments represented about 124.2 per cent of total revenue, exceeding it by approximately ₦1.5 trillion.
Obi questioned how the country could continue to experience what he described as an unsustainable debt crisis despite the significant increase in revenue since 2023.
He further expressed concern that borrowing and revenue had increased substantially while expenditure on capital projects declined by about ₦700 billion in the first half of 2026.
According to him, the Federal Government spent about 11 times more on debt interest payments than on capital projects.
He attributed the situation to what he described as reckless borrowing, corruption, and incompetence on the part of the Tinubu-led APC government.
Obi warned that the presentation of economic statistics without adequate consideration of their impact on citizens’ welfare could not substitute for meaningful improvements in living conditions.
“A government cannot expect citizens to applaud statistics while they struggle to survive the effects of its policies,” he said.
He also cited the figure of about 140 million Nigerians classified as multi-dimensionally poor, referring to a recent United Nations Development Programme (UNDP) report that he said identified Nigeria among countries where gains in poverty reduction had been reversed.
Obi said he had consistently maintained that economic reforms should be assessed according to their consequences for the people, particularly the poorest and most vulnerable.
He argued that policies requiring substantial sacrifices from citizens must deliver visible, measurable and widely shared benefits rather than what he described as misrepresented reports and official celebrations.
Obi urged the Federal Government to use the World Bank’s assessment as a reason to review its economic reforms and refocus attention on the welfare of Nigerians.
He emphasised that the ultimate test of economic success was whether citizens were eating better, living better, and escaping poverty, rather than the appearance of stability reflected in macroeconomic indicators.
“Nigeria deserves an economy that serves its citizens, not one that continually sacrifices citizens’ wellbeing for ‘macroeconomic stability’,” he said.
Obi added that the country needed an economy capable of ending mass poverty, reducing inequality, and creating sufficient jobs for young Nigerians.
