Mr Peter Obi, the candidate of the Labour Party in the 2023 presidential election, accused the administration of President Bola Tinubu of implementing weak economic policies.
Obi, a former governor of Anambra State, revealed this in an interview with Arise News Prime Time on Tuesday. He also criticised President Tinubu’s decision to float the naira in the absence of productivity, thereby increasing the country’s debt profile and the cost of debt servicing, which he said was higher than the budgetary allocation for critical sectors such as health and education.
Obi argued that if he were president, the country would have witnessed major positive changes in two years because he would have infused money into production, which would lead to a more productive and sustainable economy.
He stated, “The president that is there today, how many years has he stayed? Two years, and look at the turn of things. It means you can change things in two years. That means if I were there, you would have seen considerable change in critical areas. I would tackle corruption head-on, and I would reduce the cost of governance. You would have seen borrowed money invested in critical areas.”
Speaking further, he criticised the high interest rate under Tinubu, asserting that the situation had made it difficult for companies operating in the country to thrive.
“Also, we have a country that is in huge debt. The current administration met a debt of about N17tn; in two years, it has moved to over N170 tn.
“The cost of debt servicing is above the budget for critical areas like health and education. 70 per cent of our primary health care centres are not functioning. I would fix our PHCs and primary schools if I were president,” Obi added.
Obi berated Tinubu’s administration for the economic difficulties, stating that the president should be accountable to the Nigerian people.
Obi stated, “It is not enough that your aides are running around. You, as the leader, have to have the idea, the energy, and the competency to do the job. It is not something that you can lease out. You are the leader; you should be answerable to the people. We have too much delegated responsibility; that shouldn’t be.”
Meanwhile, Obi, who acknowledged that he is still a member of the LP, added that he collaborates with Atiku and others to help Nigeria.
He stated, “Elections are won and lost by the votes of the people. All these things people are talking about are because we are not in a democracy. We are talking about working together for the sake of the country. That is why I am not desperate to be president, but I am desperate to see Nigeria work.
“It was all these alliances that brought Nigeria to where we are today. Because people were blinded. Instead of seeing what they will do to make the country work and make it productive, they are focused on wrestling power. What are we going to use the power to do?
“I ran in 2023 because I wanted to do something different. By now, you would have seen something different in education. I would have even visited schools. In the health sector, we have over 70% of primary healthcare not functional. I want Nigeria to know it is about their country. So many Nigerians today don’t know where the next meal will come from. So, the people have to know that this man can do it.
“You talk about the devaluation of the naira; there is nothing wrong with it. I would have allowed the naira to follow, but there would be productivity.
“Because when you don’t have productivity and you devalue your money, it’s a double whammy. So, I would have injected money into productivity.
“Today, nobody is producing anything. How can you do business when the interest rate is over 40%? So, we need to do the right thing, and we can do it.”
