Obi criticizes Tinubu for worsening Nigeria’s economy

DDM News

Former Labour Party presidential candidate Peter Obi has sarcastically praised President Bola Tinubu, claiming he has fulfilled his promise to continue from where ex-President Muhammadu Buhari stopped.

Speaking during a visit to Bauchi State Governor Bala Mohammed, Obi criticized Tinubu’s economic policies, arguing that Nigeria must prioritize competence over ethnic and religious politics.

According to Diaspora digital media (DDM), Obi stated that Tinubu had remained consistent with Buhari’s legacy, pointing to skyrocketing inflation, currency depreciation, and economic hardship as proof.

He cited how the Naira collapsed from ₦400 per dollar under Buhari to over ₦1,500 under Tinubu.

Similarly, he noted that the price of rice jumped from ₦40,000 to over ₦100,000, while fuel prices soared from ₦300 to over ₦1,000 per liter.

“In every aspect, Tinubu has truly done what he promised,” Obi remarked sarcastically.

Buhari’s economic challenges

During Muhammadu Buhari’s presidency (2015–2023), Nigeria experienced severe economic challenges. Buhari inherited a struggling economy but failed to implement effective recovery measures.

Key economic setbacks under Buhari’s administration included:

Recession: Nigeria faced two recessions (2016 and 2020), with GDP growth averaging below 2%.

Naira depreciation: The Naira devalued from ₦197 per dollar in 2015 to over ₦400 in 2023, despite multiple currency interventions by the Central Bank of Nigeria (CBN).

Rising inflation: Inflation rates soared due to increased borrowing, insecurity, and poor economic policies.

Subsidy removal controversy: Buhari’s fuel subsidy policies resulted in periodic fuel scarcity and high transportation costs.

Debt accumulation: Nigeria’s external debt tripled, rising from $10.7 billion in 2015 to over $41 billion by 2023.

Despite huge government spending, unemployment and poverty levels worsened, with millions of Nigerians falling below the poverty line.

Obi calls for economic reform

Comparing Nigeria’s economy to Indonesia, Obi highlighted how the Asian nation transformed itself within a decade through industrialization, investment in human capital, and strategic governance.

He warned that Nigeria’s GDP had declined from $500 billion to $200 billion, with per capita income dropping below $2,000.

To reverse Nigeria’s economic decline, Obi emphasized the need to:

Revive local industries to reduce import dependence.

Prioritize education and healthcare for sustainable development.

Implement productive economic policies that boost GDP growth.

He urged leaders to steer Nigeria away from political and ethnic divisions and focus on effective governance.

Conclusion

Obi’s remarks reflect the growing frustration among Nigerians over Tinubu’s economic policies. As living costs continue rising, many citizens fear the government’s inability to stabilize the economy.

The debate over Nigeria’s economic direction remains a key issue, with many calling for urgent reforms to prevent further decline.

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