The All Progressives Congress (APC) has countered recent claims made by Peter Obi, the 2023 presidential candidate of the Labour Party, regarding Nigeria’s fiscal management under President Bola Ahmed Tinubu.
The APC has asserted that Tinubu’s administration has achieved a significant reduction in the debt servicing ratio, bringing it down from 90% to 64%.
In a statement released by APC’s National Publicity Secretary, Felix Morka, the party accused Obi of peddling outdated and misleading statistics about Nigeria’s debt situation.
The statement read, in part, “In reality, 18 months later, the economy under President Bola Ahmed Tinubu’s administration, has showed steady record of progress – the massive balance of trade surpluses; trillions in stock market wealth creation; a surge in foreign direct investments as a result of increased confidence in the economy; enhanced foreign reserve; significant decline in debt servicing ratio from 90 percent to about 64 percent; higher incomes for farmers; massive increase in federal allocation to states and local governments; deliberate and patriotic efforts to plug leakages and shore up the nation’s revenue base; restart of moribund Port-Harcourt and Warri refineries; remarkable improvement in oil production and export of petroleum products; the decimation of terrorist leaders and improvement in the security situation, and numerous other measures to meet the $1trillion economy target of this administration”
Back story
- Obi in a New Year press conference on Thursday lamented the political, economic, and security, healthcare situation in the country under the ruling APC government.
- Obi said that the political, economic, and security situation of Nigeria is worsening daily, despite the government’s contrary positions and claims of improvement in different spheres of human endeavour.
According to him, “Our national challenges are visibly worsening. Our nation and its fortunes are in clear reverse. The indices are clearly indicative of our decline; thus our national indices tell a disconcerting story,” Obi said.
“Nigeria remains one of the poverty capitals of the world, with over 100 million people living in extreme poverty and more than 150 million in multidimensional poverty. The situation has deteriorated significantly over the past 18 months under the current administration.
“As a nation, we have fallen from being the largest economy in Africa, with a GDP of $574 billion and a per capita income of over $3,500 in 2014, to now ranking fourth on the continent. Our current GDP is less than 50% of what it was a decade ago, standing at approximately $200 billion, with a per capita income of barely $1,000.”
- Earlier, President Tinubu, in his New Year message restated his administration’s unwavering commitment to reducing the inflation rate from 34.6% to 15% by the end of 2025.
The president acknowledged the economic hardships endured by households stating “Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days.”
