Ahead of Nigeria’s presidential election on 16 January 2027, the Nigeria Democratic Congress (NDC) announced that its candidate, former Anambra State governor Peter Obi, and his running mate, Senator Rabiu Kwankwaso, will “stop the rapid erosion of Nigeria’s commonwealth” if they win the vote.
The NDC’s statement, signed by Dr Chiogo Ikokwu, spokesperson for the party’s National Presidential Campaign Council, was issued in response to President Bola Tinubu’s remarks at an All Progressives Congress rally in Akwa Ibom State. Tinubu, while not naming Obi, mocked the former governor for allegedly failing to address “the erosion menace” in Anambra during his tenure.
“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‑to‑revenue ratio and inadequate funding of critical public services like health and education,” the NDC statement read.
The party argues that the expected gains from the removal of fuel subsidies are being undermined by what it describes as “the growing contradiction” between those gains, Tinubu’s “one‑week, new loan” and the persistent under‑funding of national budgets.
In comparing the financial records of the two leaders, the NDC claims Obi left “the equivalent of $500 million in investments, alongside local and foreign currency holdings, including $156 million in dollar‑denominated bonds” when he left office in 2014. By contrast, Debt Management Office figures cited by the party put Lagos State’s external debt at about $190.43 million at the end of 2007, when Tinubu handed over power.
The statement also criticised a Lagos State pension law enacted under Tinubu, which it says granted former governors and their deputies lifetime benefits, including:
- Pensions equal to 100 % of the incumbent governor’s basic salary
- Official residences in Lagos and Abuja
- Vehicles, furniture and utility allowances
- Free medical care, house‑maintenance allowances and domestic staff
According to the NDC, Obi’s administration in Anambra did not establish a comparable pension scheme, and the party positions the Obi‑Kwankwaso ticket as an alternative to what it calls Tinubu’s “borrowing‑dependent and wasteful governance model.” The party warns that “excessive borrowing, unsustainable debt and poor fiscal management” have historically contributed to the decline of empires and nations.
<small>Source: Vanguard News — read the original story there.</small>
