In Abuja, the Nigeria Democratic Congress (NDC) has publicly challenged President Bola Tinubu to explain the financial benefits of the federal government’s fuel‑subsidy removal, questioning why the administration continues to rely on heavy borrowing despite higher revenue generation.
Speaking on behalf of the party’s National Presidential Campaign Council, Dr Chiogo Ikokwu said the president should focus on what the NDC described as “the erosion of the country’s public resources” under his administration rather than criticising the party’s presidential candidate, Peter Obi, over gully‑erosion issues in Anambra 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 NDC argued that Obi’s record as governor of Anambra State contrasts with Tinubu’s tenure in Lagos. It claimed Obi left “investments and funds worth the equivalent of $500 million, including $156 million in dollar‑denominated bonds” when he left office in 2014. By comparison, Debt Management Office figures show Lagos State’s external debt stood at about $190.43 million at the end of 2007, when Tinubu handed power to his successor. The party also criticised a pension law enacted under Tinubu that it said granted former Lagos governors and deputies extensive lifetime benefits, including:
- pensions equal to 100 % of the incumbent governor’s basic salary,
- houses in Lagos and Abuja,
- multiple vehicles and furniture,
- utility allowances, free medical care, house‑maintenance allowances and domestic staff.
According to the NDC, such arrangements were “excessive” and prompted a review by the subsequent administration, whereas Obi’s Anambra government did not establish a similar pension scheme for former governors.
The party warned that continued debt accumulation without tangible improvements in living standards could destabilise Nigeria’s economy, noting that citizens are already facing worsening poverty, unemployment, insecurity and declining purchasing power. It cited historical examples such as the Ottoman Empire, 19th‑century Egypt, Argentina and Zambia to illustrate the risks of unsustainable borrowing.
Defending Obi’s environmental record, the NDC highlighted his role in attracting the World Bank‑supported Nigeria Erosion and Watershed Management Project (NEWMAP) to Anambra, the construction of concrete drainage systems in Adazi Nnukwu, Amawbia and Umuoji, and his engagement with the federal government for ecological intervention funds. The party concluded that the Obi‑Kwankwaso ticket would offer an alternative to Tinubu’s “borrowing‑dependent economic model” through prudent resource management, accountability and productive investment.
<small>Source: The Sun Nigeria — read the original story there.</small>
