The 2023 presidential candidate of the Labour Party (LP), Mr. Peter Obi, has lamented the mismanagement of resources under President Bola Tinubu’s administration and called for competent leadership to harness the country’s potential for economic prosperity.
While addressing newsmen on the occasion of Nigeria’s 65th Independence Anniversary on Wednesday, Obi asserted that the economic independence envisioned by the country’s founding fathers has been jeopardised by the All Progressives Congress (APC).
“Today should be a day of joy and remembrance, a day to celebrate the struggles of our heroes who fought to free Nigeria from colonial rule. It should be a day for gratitude to Almighty God for His blessings on our nation. On 1 October 1960, Nigeria gained independence to global acclaim as an emerging African economic and political power.
“Such was our potential that Time Magazine predicted the rise of a true African superpower that would lead the continent with pride. Our founding fathers fought for independence with confidence, passion, and determination to build a prosperous Nigeria that would stand alongside the world’s most advanced nations.
“Unfortunately, tragic failures of leadership derailed this vision. Yet despite these setbacks, Nigeria has always shown resilience. In 1999, we overcame military dictatorship and restored democracy, beginning a renewed journey toward prosperity, freedom, and justice. That journey helped us build Africa’s largest economy and strengthen democratic institutions. But over the last decade, under the APC’s incompetent, divisive, and corrupt leadership, Nigeria has been greatly diminished,” he stated.
Obi noted that by the end of 2007, Nigeria’s total debt stood at about ₦2.5 trillion, only 10 per cent of GDP, following the successful debt relief deal by President Olusegun Obasanjo’s government, which secured forgiveness of over $30 billion.
However, he said that by 2014, Nigeria had become Africa’s largest economy and was primed to achieve middle-income status.
“In 2015, for the first time, a ruling party was defeated in a presidential election, marking another milestone for our democracy. Today, the picture is bleak. Our total debt stands at about ₦175 trillion, nearly 50 percent of GDP, without any improvement in productive sectors. Nigeria has fallen to the fourth-largest economy in Africa, behind South Africa, Egypt, and Algeria.
“Our democracy is now described as ‘undemocratic’. In just one year, this administration pushed over 15 million Nigerians into acute poverty. Today, more than 150 million Nigerians lack access to basic healthcare, education, water, and sanitation. This number grows daily under an APC government that pursues brutal revenue-driven policies while ignoring the welfare of its people. Nigeria now ranks among the lowest in the world on human development indicators.”
The former Anambra governor criticised Tinubu’s government for imposing heavy taxes on struggling citizens and small businesses while indulging in extravagance. “Billions are spent on new presidential jets, yachts, and luxury cars that cost more than the entire 2024 budget for primary healthcare. The Vice President’s residence was renovated at a cost of ₦25 billion, more than the combined capital budgets of six major federal university teaching hospitals.
“Over ₦10 billion was allocated for car parks and canteens for the National Assembly, more than the capital budget of the Ministry of Science and Technology at a time when science is crucial to national growth.”
He decried that Nigerians are paying more for basic goods and services, including passports, permits, electricity, petrol, food, rent, and healthcare — yet receiving less in return. “Yet power supply remains unreliable, food insecurity deepens, and UNICEF and WFP project that 33 million Nigerians will face acute hunger in 2025.
“This government borrows recklessly, not for investment in productive infrastructure but for wasteful consumption. Insecurity has further crippled our economy. Nigerians now live in fear of travelling by road. Kidnapping has become rampant, with billions paid in ransom.
“Incompetence in security management has turned our country into one of the most terrorised and unsafe nations in the world. Cronyism, corruption, and disregard for the rule of law have scared away investors, while other African nations overtake us as preferred investment destinations.”
The politician acknowledged that despite the mismanagement, Nigeria’s potential for greatness remains, advising Nigerians not to give up on the dream of a prosperous and secure nation.
Speaking further, Obi explained that what Nigeria needs is competent, compassionate, and committed leadership, focused on prudent economic management, investment in human capital, respect for the rule of law, and infrastructure development.
“We must mobilise our enormous natural resources to drastically reduce poverty and achieve rapid, sustained growth. We should learn from nations like China, India, Indonesia, and Bangladesh, which have turned around their economies through disciplined leadership and people-centred policies. Nigeria too can rebound, but only if we exit the path of incompetence and fiscal irresponsibility.
“The current administration’s failures must not lead us to despair. They should instead fuel our determination to rebuild. Nigeria has the resources, talent, and resilience to become an industrialised nation in record time.”
He expressed confidence that with the right leadership, Nigeria can defeat terrorism, restore national security, and build safe communities where enterprise and social life can thrive.
“We must end a system where leaders feast while the people starve, where politics enriches a few and impoverishes the many. The old politics must end, and a new politics of prosperity for all must begin. Against all odds, we will return Nigeria to the path of prosperity and justice. We will not relent. We will not be discouraged. The mission is clear: Nigeria will rise again,” Obi added.
He called on political leaders to reflect on the crises facing the country and to see this as a time to rise above personal interests.
He further stated: “We must reject corruption, bigotry, and division. We must embrace a new Nigeria where leadership is defined by competence, compassion, and commitment. Despite today’s challenges, the future remains bright.”
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