Peter Obi, the Labour Party’s presidential hopeful for 2023, has sharply criticized Nigeria’s past leaders for abandoning the aspirations of the country’s founding generation. He attributes the nation’s ongoing socio-economic challenges to years of ineffective governance.
In a nationwide address commemorating Nigeria’s 65th Independence Day, Obi expressed deep disappointment that a country once heralded as a rising African powerhouse in 1960 has failed to fulfill its early promise due to persistent mismanagement.
He reflected on the determination and optimism of Nigeria’s founding fathers, who fought for freedom with the goal of creating a thriving nation capable of competing globally. Obi also referenced a Time Magazine forecast that once envisioned Nigeria as a future African superpower.
“Tragically, this noble vision has been undermined by leaders who enrich themselves at the expense of the majority,” he asserted.
The former governor of Anambra State highlighted that although the return to democratic rule in 1999 rekindled hope, the progress made has since been eroded. He singled out the All Progressives Congress (APC) government for a decade marked by economic downturn and rising poverty levels.
“At the close of 2007, Nigeria’s debt stood at approximately ₦2.5 trillion, representing just 10 percent of GDP, following President Obasanjo’s successful debt relief efforts exceeding $30 billion. By 2014, Nigeria had ascended to become Africa’s largest economy and was on track to join the middle-income bracket.
“The 2015 election was historic, marking the first time an incumbent party lost power, signaling democratic progress. Yet today, our debt has ballooned to nearly ₦175 trillion-close to half of GDP-with no tangible growth in key economic sectors,” Obi revealed.
He lamented Nigeria’s fall to the fourth-largest economy in Africa, trailing behind South Africa, Egypt, and Algeria, while describing the current state of democracy as increasingly flawed.
“Within a single year, the APC government has pushed over 15 million Nigerians into severe poverty, with more than 150 million citizens deprived of essential services like healthcare, education, clean water, and sanitation. This crisis deepens under a regime focused on aggressive revenue collection, neglecting the wellbeing of its people,” he added.
Obi further condemned President Bola Tinubu’s administration for introducing new taxes, engaging in excessive borrowing, indulging in government extravagance, and failing to address security challenges.
Despite these grim realities, the Labour Party candidate remains optimistic about Nigeria’s future, emphasizing that the nation’s vast potential can still be realized through capable and empathetic leadership.
“Our focus must shift to sound economic stewardship, investing in our people, upholding the rule of law, and building critical infrastructure. Harnessing Nigeria’s abundant natural resources is essential to drastically reduce poverty and stimulate sustained economic growth.
“Countries such as China, India, Indonesia, and Bangladesh have transformed their economies through disciplined governance and policies centered on their citizens. Nigeria can achieve a similar revival-but only by abandoning the current trajectory of mismanagement and fiscal recklessness,” Obi concluded.
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