By John Alechenu, Abuja
The 2023 Presidential Candidate of the Labour Party (LP), Mr. Peter Obi, has accused successive Nigerian leaders of betraying the vision of the nation’s founding fathers, blaming decades of leadership failure for the country’s socio-economic decline.
In a broadcast to Nigerians on Wednesday to mark the nation’s 65th Independence Anniversary, Obi lamented that Nigeria, once tipped as an emerging African economic and political power at independence in 1960, has fallen short of its promise due to misgovernance.
He recalled that Nigeria’s founding fathers fought for independence with confidence and determination to build a prosperous country capable of standing shoulder to shoulder with the world’s most advanced nations. He also noted that Time Magazine once predicted Nigeria would rise to become a true African superpower.
“Sadly, this vision has been betrayed by leadership that enriches a few while impoverishing the majority of citizens,” Obi said.
The former Anambra State governor explained that although Nigeria’s return to democracy in 1999 restored some hope, the gains were squandered in recent years. He blamed the All Progressives Congress (APC)-led government for what he described as a decade of economic decline and worsening poverty.
“By the end of 2007, our total debt was about ₦2.5 trillion, only 10 percent of GDP, after President Obasanjo’s administration secured debt forgiveness of over $30 billion. By 2014, Nigeria had become Africa’s largest economy and was primed to achieve middle-income status.
“In 2015, for the first time, a ruling party was defeated in a presidential election, marking another milestone for our democracy. Yet today, our total debt stands at about ₦175 trillion—nearly 50 percent of GDP—with no visible improvement in productive sectors,” Obi stated.
He lamented that Nigeria has now dropped to the fourth-largest economy in Africa, behind South Africa, Egypt, and Algeria, while the nation’s democracy is described as “undemocratic.”
“In just one year, the APC administration has pushed over 15 million Nigerians into acute poverty, while more than 150 million lack access to basic healthcare, education, water, and sanitation. This number grows daily under a government that pursues brutal revenue-driven policies while ignoring the welfare of its people,” he added.
Obi also criticised President Bola Tinubu’s administration for imposing new taxes on citizens, reckless borrowing, official extravagance, and its inability to curb insecurity.
Despite the bleak outlook, the LP candidate insisted that Nigeria’s potential for greatness is still achievable, provided the country embraces competent and compassionate leadership.
“Our priority must be prudent economic management, investment in human capital, rule of law, and infrastructure development. We must mobilise our enormous natural resources to drastically reduce poverty and achieve rapid, sustained growth.
“Nations like China, India, Indonesia, and Bangladesh have turned around their economies through disciplined leadership and people-centred policies. Nigeria too can rebound—but only if we exit the path of incompetence and fiscal irresponsibility,” Obi said.
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