The 2023 presidential candidate of the Labour Party, Peter Obi, has said Nigeria is plunging deeper into debt and becoming increasingly divided under the current administration.
Speaking in Abuja at the national convention of the African Democratic Congress, Obi criticised rising debt levels and what he described as declining national unity.
“When this government came into being, we removed the subsidy on petroleum, and the reason why we removed it is so we can start borrowing to service it and use the resources to develop the country,” he said.
“But today, despite the fact that the government before them was able to pay a subsidy, they left with a debt of N87 trillion. Today, we are about N200 trillion.
“So, the current administration has borrowed 130 percent despite removing subsidy.”
The former Anambra State governor also alleged that contractors are being owed, noting that capital projects in the 2025 budget have not been executed.
“This government is owing all contractors; no project in the 2025 budget has been funded. So, we have huge debts, and we have borrowed more. We are heading to a disaster,” he said.
On national cohesion, Obi warned that divisions across the country are worsening.
“The country is so divided; we need unity. The present government has ensured that it will remain more divided. Our unity is important. Your country is collapsing, and if you allow it to go further, it will be worse,” he said.
He urged Nigerians to rely on data to fully understand the country’s situation.
“Our leaders have spoken very well that all we need to do now is to come and say we adopt what they’ve spoken, but at times when you hear that things are bad, you need to imagine it when it is in figures,” he said.
Citing insecurity statistics, Obi said Nigeria’s position on global terrorism rankings has worsened.
“If you check your indexes, today, when the present government came into being, Nigeria’s ranking in terrorism was number eight,” Obi said.
“Today we are number four. So, if you give another four years, we’ll be number one. And that is definite.”
Referencing World Bank data, he also claimed that poverty levels have risen significantly.
“When this government came into being, if you go and check World Bank records, our poverty rate was 41.6 percent and eight million people. Today we are 63 percent, 140 million. So, they’ve almost doubled that,” he said.
Obi cautioned that failure to address these issues could have serious consequences for future generations.
“We all have to work hard. We all have to do whatever is possible. Anarchy consumes everybody. We must not sacrifice for the sake of our children,” he said.
“If we don’t do anything, what is happening now will take revenge on us and our children.”