The Nigeria Democratic Congress (NDC) has stated that its 2027 presidential candidate, Peter Obi, intends to halt the erosion of Nigeria’s commonwealth, responding to recent criticisms from President Bola Tinubu. In a statement released on Saturday, the party argued that the administration’s fiscal policies, characterized by frequent borrowing and underfunded national budgets, are detrimental to the nation’s economic stability.
The NDC’s National Presidential Campaign Council, through spokesperson Dr. Chiogo Constance Ikokwu, addressed President Tinubu’s remarks made during a campaign rally in Akwa Ibom State on Friday. Although the President did not name Obi directly, he mocked the former Anambra State governor for allegedly failing to address erosion during his tenure, contrasting this with his own efforts to manage flood issues in Lagos State.
“Nigerians deserve to know what has happened to the promised fiscal benefits of subsidy removal, particularly against the backdrop of the administration’s frequent borrowing, increased revenue generation, poor debt-service-revenue ratio and inadequate funding of critical public services like health and education,” the statement read.
The party highlighted specific financial records to contrast the legacies of the two former governors. According to the NDC, Obi left Anambra State with the equivalent of $500 million in investment and local and foreign currency, including $156 million in dollar-denominated bonds, upon leaving office in 2014. In comparison, the statement cited Debt Management Office figures indicating that Lagos State’s external debt stood at approximately $190.43 million at the end of 2007, when Tinubu handed over to his successor.
Furthermore, the NDC accused Tinubu of contributing to the erosion of Lagos public finance by signing a pension law that granted former governors lifetime benefits, including 100% of the incumbent governor’s basic salary, housing, and various allowances. The party noted that a subsequent governor was compelled to review the law due to its cost, whereas Obi did not establish a similar pension scheme in Anambra State.
The statement also defended Obi’s handling of gully erosion in Anambra, noting that he attracted the World Bank Nigeria Erosion and Watershed Management Project (NEWMAP) to the state and mandated proper drainage systems for new roads. The NDC warned that a debt-dependent economic model without accountability has historically led to the decline of powerful nations, citing examples such as the Ottoman Empire, 19th-century Egypt, Argentina, and Zambia.
Concluding its response, the NDC stated that the Obi-Kwankwaso ticket offers a departure from what it described as a “borrowing-dependent and erosion-of-public-funds model” toward prudent management of resources. The party emphasized that its mission is to stop fiscal recklessness while providing economic opportunities for current and future generations.
<small>Source: Vanguard News — read the original story there.</small>
