By: Odeh Favour
The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticized President Bola Tinubu’s administration over its celebration of recent macroeconomic indicators, warning that paper stability means nothing if ordinary citizens continue to battle extreme hardship.
Obi, who took to his X handle to react to a recent World Bank report titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities’, cautioned the government against misinterpreting economic metrics as evidence of improved living standards for Nigerians.
Expressing his concern over the state of the economy, the NDC standard-bearer argued that true economic progress must translate to better living conditions for the masses.
“The recent World Bank report which noted improvements in few macroeconomic indicators such as economic growth and revenue generation should not be misinterpreted and misrepresented by the incompetent President Bola Tinubu led APC Government as evidence that the standard of living of Nigerians is improving,” he wrote on his X handle.
He added, “Nigerians and even the World Bank know that the criteria for economic development is whether poverty is declining, whether jobs are created for our youths, and whether we are reducing acute inequality. In the case of Nigeria under President Tinubu the answer is no. So-called ‘economic stability’ has not resulted in higher living standards, improved employment opportunities, and reduction of poverty and inequality across Nigeria”.
Stressing that government statistics offer no relief to struggling families, Obi questioned the real impact of macroeconomic gains on everyday life.
“An economy is not truly stabilized simply because government revenue increases, foreign reserves strengthen, or GDP grows. Stability exists when citizens can afford food, obtain healthcare, provide education for their children, and live with dignity,” Obi stated.
He further asked, “What comfort does higher revenue offer a mother who cannot provide her children with a nutritious meal? What does higher government revenue mean to a family forced to choose between purchasing food and paying for medicine? What benefit do celebrated reforms provide when ordinary Nigerians continue to bear intolerable costs and hardship?”
Highlighting key figures from the World Bank assessment, the former Anambra State governor pointed out the growing disparity between debt service obligations and capital expenditure.
“In the report titled, ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities’, The World Bank noted that the Federal Government spent a whopping N7.7 trillion on debt interest payments alone in the first six months of 2026 from January to June. This represents about 124.2% of our total revenue of N6.2 trillion within the same period with debt interest payment exceeding revenue by about N1.5 trillion. How do you explain the unsustainable debt crisis even with exponential increase in revenue that we have had since 2023?” he asked.
“Imagine a situation where borrowing and revenue have exponentially increased but expenditure on capital projects reduced by about N700billion in the first half of this year. In comparison, the APC led Federal Government spends about 11 times more on interest payment than on capital projects.
The explanation is clearly attributed to reckless borrowing, corruption and incompetence of the President Bola Tinubu led APC Government,” he added.
Obi urged the Federal Government to desist from projecting incomplete data while millions of citizens suffer the brunt of harsh economic policies.
“President Bola Tinubu and his incompetent team must recognize that intentionally presenting and projecting incomplete economic statistics cannot replace the critical measure of how reform impacts on the welfare of the people.
A government cannot expect citizens to applaud statistics while they struggle to survive the effects of its policies. How do you celebrate when about 140 million Nigerians are classified as multi-dimensionally poor with a recent UNDP report listing Nigeria as one of the countries where gains made in reducing poverty have been reversed,” the NDC flagbearer stated.
Reiterating his position on economic policy evaluation, Obi stressed that reform measures must deliver visible and tangible results to the public.
“I have consistently argued that reforms should be evaluated according to their consequences for the people, particularly the poorest and most vulnerable.
Measures that demand substantial sacrifices from citizens must deliver benefits that are visible, measurable, and broadly shared not misrepresented reports and official celebrations,” he asserted.
“The World Bank’s assessment should compel this government to review its reform and focus attention on the welfare of Nigerians and not indulge in unfounded self-congratulation.
The true test is whether Nigerians are eating better, living better, and escaping poverty. The definitive measure of economic success is not the apparent stability of the economy on paper, but the quality of people’s lives,” Obi noted.
Concluding his post, Obi called for an economy that prioritizes youth employment, poverty alleviation, and social equality.
“Nigeria deserves an economy that serves its citizens, not one that continually sacrifices citizens’ wellbeing for ‘macroeconomic stability’, an economy that ends mass poverty, reduces inequality, and creates enough jobs for our youths. A New and Productive Nigeria is POssible. Nigeria will be OK,” he wrote.
