Peter Obi, the 2023 Labour Party presidential candidate, has sharply criticized President Bola Tinubu’s first year in office, stating that he has “excellently” continued the legacy of failure left by his predecessor, Muhammadu Buhari.During an interview with Arise TV on Wednesday, Obi cited a range of economic indicators to support his assessment, including:
- Surge in prices of goods and services
- Depreciation of the naira
- Increase in debt servicing
- Decline in Nigeria’s economic ranking from the largest economy in Africa to the fourth position
- Significant drop in GDP and per capita income
Tinubu Fulfilling Campaign Promises, Obi Says
Obi acknowledged that Tinubu has kept to his campaign promises, saying, “Throughout the campaign, he consistently maintained that he will continue from where Buhari stopped and he’s done very well. I would say excellent. I’ll give him an excellent pass mark.”
Dire Economic Situation Under Tinubu
However, Obi went on to provide a critical assessment of the economy, highlighting the following:
- Dollar exchange rate has surged from 460 to 1,500
- Fuel price has increased from 238 to 700 naira
- Diesel price has risen from 844 to 1,415 naira
- Prices of staple foods like rice, beans, garri, and yam have skyrocketed
- Electricity tariff has more than tripled, from 66 to over 200 kilowatts
- Debt has risen from 87 trillion to over 100 trillion naira
- Debt servicing has reached 3.2 trillion naira in the first 12 months of Tinubu’s administration
Nigeria’s Economic Ranking Plummets
Obi also lamented the decline in Nigeria’s economic standing, noting that the country has fallen from the largest economy in Africa to the fourth position, with South Africa, Egypt, and Algeria now surpassing it in terms of GDP.
Worsening Insecurity, Corruption, and Nepotism
Obi further criticized the Tinubu administration, stating that insecurity, corruption, and nepotism have all worsened under the new government.
