Peter Obi, the Labour Party‘s (LP) presidential candidate for the 2023 elections, claims that leadership failure has undermined the vision of those who fought for Nigeria’s independence.
On Nigeria’s 65th independence anniversary, Obi stated on his X page that the country has “slipped to the fourth-largest economy on the continent” after formerly being Africa’s economic powerhouse.
He noted that decades of weak government and needless spending had exacerbated poverty and increased inequality.
“Our founding fathers fought for independence with confidence and determination to build a prosperous Nigeria,” Obi said.
“Unfortunately, tragic failures of leadership derailed this vision. Over the last decade, under the APC’s incompetent, divisive, and corrupt leadership, Nigeria has been greatly diminished.”
Obi stated that by 2007, Nigeria’s debt was around N2.5 trillion, or less than 10% of GDP, thanks to debt relief secured by the Olusegun Obasanjo administration.
He stated that by 2014, Nigeria had become Africa’s largest economy and was on track to become a middle-income country.
The LP standard-bearer claimed that development was “truncated” after the APC took office in 2015.
“Today, our debt has ballooned to about N175 trillion, nearly 50 percent of GDP, without corresponding improvement in productive sectors,” he said.
“Nigeria has fallen 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 extreme poverty.”
Obi accused the federal government of lavish spending while millions of citizens lack access to healthcare, education, and safe water.
He cited the allocation of billions for new presidential jets, luxury cars, and renovation of official residences while essential services are “underfunded”.
“The Vice-President’s residence was renovated at a cost of N25 billion, more than the combined capital budgets of six federal teaching hospitals,” he said.
Obi claimed that the government’s actions have raised the burden on average Nigerians, as the cost of food, electricity, and healthcare continues to rise.
He further stated that insecurity has further harmed the economy, with kidnapping and terrorism keeping Nigerians in fear.
“Cronyism, corruption, and disregard for the rule of law have scared away investors, while other African countries are overtaking us as investment destinations,” he said.
The LP leader, however, expressed optimism that Nigeria could still achieve greatness.“What we need is competent, compassionate, and committed leadership,” he said.
“We must learn from countries like China, India, and Indonesia, which turned their economies around through discipline and people-centred policies.”
Obi urged Nigerians not to lose hope, saying the challenges should fuel determination to rebuild the country.
“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,” he added.
