The Lagos State chapter of the All Progressives Congress (APC) has dismissed criticisms aimed at President Bola Tinubu’s borrowing policies, stressing that the loans secured under his administration are intentional and geared towards critical national development projects.
In a statement issued on Thursday titled “Peter Obi’s Borrowing Double Standards: Physician, Heal Thyself,” APC spokesperson Seye Oladejo addressed remarks made by the 2023 Labour Party presidential candidate, Peter Obi, who recently condemned Tinubu’s borrowing as reckless.
Oladejo challenged Obi’s authority to question the government’s fiscal strategies, urging him to focus on his political strengths instead.
“Borrowing itself is not inherently imprudent; what truly counts is the purpose behind it and the prudent management of the funds,” Oladejo emphasized.
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He explained that under President Bola Ahmed Tinubu’s leadership, borrowing is strategically targeted at key sectors such as infrastructure, energy, transportation, and other productive industries.
“This strategy mirrors global best practices-leading economies worldwide also depend on borrowing to drive growth,” Oladejo added.
Highlighting Obi’s record as former governor of Anambra State, Oladejo pointed out inconsistencies in his current criticisms of fiscal discipline.
“Nigerians remember that during his administration, pension payments were left unsettled, infrastructure deteriorated, and human development indices declined,” Oladejo remarked.
He accused Obi of hypocrisy in his financial critiques.
“It is ironic for someone who traveled internationally on private jets during his campaign to lecture others on austerity,” he stated.
Oladejo defended Tinubu’s economic reforms-including subsidy removal, currency realignment, and selective borrowing-as vital steps to revitalize Nigeria’s economy.
“Though difficult, measures like subsidy elimination, currency reform, and focused borrowing are essential to securing the country’s economic future. This is authentic leadership, not empty talk,” he affirmed.
He advised Obi to avoid engaging in complex economic debates, reiterating that the president remains dedicated to national rebuilding.
“Obi is outmatched and misplaced in these discussions,” Oladejo asserted.
“While Tinubu is committed to reshaping Nigeria’s future, Obi is caught up in catchy slogans. One is a reformer; the other, a mere rhetorician. Nigerians can clearly see the difference,” the APC spokesperson concluded.
