Former Labour Party presidential candidate Peter Obi has criticised President Bola Tinubu’s economic policies, arguing that improvements in some macroeconomic indicators have not translated into better living conditions for Nigerians.
Obi said the Federal Government should not interpret economic growth and increased revenue generation as evidence of improved living standards while millions of citizens continue to struggle with poverty, unemployment and inequality.
In a statement shared on his X account on Monday, Obi argued that genuine economic development should be measured by declining poverty rates, job creation and reduced inequality rather than improvements in government revenue or gross domestic product alone.
He said economic stability should enable citizens to afford food, access healthcare, educate their children and live with dignity.
Obi questioned the benefits of increased government revenue for households struggling to afford nutritious meals and medical care, arguing that economic reforms must produce tangible improvements in people’s welfare.
Citing the World Bank report titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, Obi said the Federal Government spent ₦7.7 trillion on debt interest payments between January and June 2026, compared with total revenue of ₦6.2 trillion during the same period.
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According to the figures he cited, debt interest payments exceeded revenue by approximately ₦1.5 trillion, raising questions about the sustainability of the country’s debt burden despite increased government earnings.
The former Anambra State governor also expressed concern over the reported reduction in capital expenditure by about ₦700 billion in the first half of 2026.
He argued that the government’s spending pattern reflected an imbalance between debt servicing and investment in capital projects, attributing the situation to what he described as reckless borrowing, corruption and incompetence under the Tinubu administration.
Obi further maintained that economic statistics should not be presented in isolation from their effects on citizens, stressing that the success of reforms should be assessed by whether they improve household welfare and expand economic opportunities.
He questioned the basis for celebrating economic progress while a significant proportion of Nigerians remain trapped in poverty.
Obi also referenced a United Nations Development Programme report, which he said identified Nigeria among countries where previous gains in poverty reduction had been reversed. He cited an estimate of approximately 140 million Nigerians living in multidimensional poverty.
He called attention to the gap between improvements in selected economic indicators and the hardship experienced by ordinary Nigerians, insisting that economic progress must be reflected in better living conditions rather than government revenue figures alone.