The All Progressives Congress (APC) in Lagos State has dismissed criticisms by Labour Party’s 2023 presidential candidate, Peter Obi, over the borrowing policy of President Bola Tinubu’s administration.
The party argued that the borrowings are strategic, targeted at funding critical infrastructure and economic reforms, and not reckless as alleged.
Nigeria’s rising debt profile has continued to stir debate, but the Tinubu administration maintains that its approach aligns with global best practices for development financing.
However, critics, including opposition figures, argue that mounting debt without visible improvements in living standards worsens Nigeria’s economic challenges.
The APC Spokesman, Mr Seye Oladejo, in a statement titled “Peter Obi’s Borrowing Hypocrisy: Physician, Heal Thyself” on Thursday berated the 2023 Labour Party’s Presidential Candidate’s criticism of Tinubu’s borrowings.
The News Agency of Nigeria reports that the former Anambra governor had called on accountants to confront Tinubu-Federal Government over what he called “reckless borrowings”.
Oladejo advised Obi to play to his strengths in politics, “as topics bordering on finance, economy, development, and social policy remain his enduring handicap.”
According to him, borrowing under the present administration is strategic, tied to projects and funding of productive sectors.
“First, borrowing is not inherently reckless. What matters is purpose and prudence.
“Under President Bola Ahmed Tinubu, borrowing is strategic, tied to critical infrastructure, energy, transportation, and productive sectors.
“This is the globally accepted practice-even the most advanced economies borrow to fund growth. Second, Peter Obi has no moral authority to lecture anyone about prudence.
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“Nigerians remember that as governor, he left behind unpaid pensions, collapsing infrastructure, and poor human capital indices,” Oladejo said.
He said that Obi had consistently displayed extravagant tendencies, adding that it was a contradiction that he was going about giving sermons on prudent management of resources.
“For someone who flew around the world in private jets during his campaign while sermonising about cutting costs, the contradictions are glaring,” he said.
According to him, unlike Obi’s motivational-speech politics, Tinubu is taking bold, necessary steps to reset the economy.
“Subsidy removal, currency reforms, and targeted borrowing are difficult but inevitable measures to secure Nigeria’s future. This is leadership in action – not empty moralising,” he added
He urged Obi to refrain from commenting on serious matters of finance and governance,” he is out of depth and out of place”.
Oladejo said that Tinubu was building Nigeria’s future, while Obi was busy building sound bites. One is a reformer, the other a motivational speaker. Nigerians know the difference,” he said.