The Lagos State APC has defended President Bola Tinubu’s borrowing policy, framing it as a deliberate effort to fund infrastructure and economic reforms, as debates intensify over Nigeria’s rising debt.
APC Spokesman Seye Oladejo, in a statement on Thursday, September 11, titled “Peter Obi’s Borrowing Hypocrisy: Physician, Heal Thyself”, said criticisms by Peter Obi, the 2023 Labour Party presidential candidate, fail to account for the strategic nature of the government’s financial decisions.
“Borrowing is not inherently reckless. What matters is purpose and prudence. Under President Bola Ahmed Tinubu, borrowings are strategically tied to critical infrastructure, energy, transportation, and productive sectors,” Oladejo said.
He argued that Obi lacks the credibility to lecture on financial prudence, citing the former governor’s record in Anambra State.
“Peter Obi has no moral authority to lecture anyone about prudence. As governor, he left unpaid pensions, collapsing infrastructure, and weak human capital indices,” Oladejo added.
READ ALSO: Tinubu Borrowing Recklessly With Nothing To Show — Peter Obi
The APC spokesman also highlighted the contrast between Tinubu’s governance and Obi’s approach.
“For someone who flew around the world in private jets while advocating cost-cutting, the contradictions are glaring.
“Tinubu is implementing subsidy removal, currency reforms, and targeted borrowing—difficult but necessary steps to secure Nigeria’s future,” he said.
Oladejo insisted that Obi’s critiques amount to political rhetoric rather than substantive economic analysis. “Tinubu is building Nigeria’s future, while Obi focuses on motivational speeches. Nigerians know the difference,” he stated.
While Tinubu’s administration maintains that borrowing is essential to stimulate growth and finance critical projects, opposition figures continue to warn that an expanding debt profile, without tangible improvements in living standards, may deepen Nigeria’s economic challenges.