In a New Year’s statement at a media briefing in Abuja on Thursday, Mr Peter Obi, the 2023 presidential candidate of the Labour Party, tackled Tinubu’s leadership and his management of the nation’s economy, pointing out gaps between what the President says and what occurs in the country.

On the cost of governance, Mr Obi said there is a disconnect between what the President says and what he does: “People need to see it; they need to feel it.” He said the President’s inflation target of 15 per cent would be felt when prices of rice and beans come down below the National Minimum wage, “It is not about what you say but what you do.” He observed that inflation remained at an all-time high, with businesses collapsing and manufacturing companies barely surviving, further contributing to the already high unemployment rate.

In his opening speech, Mr Obi said: “As we begin the New Year 2025, it has become imperative for me to speak to you as a Nigerian interested in the country’s progress. The political, economic, and security situation of our country is worsening daily, despite contrary positions and claims by the government of improvement in different spheres of human endeavour.

“Our national challenges are visibly worsening. Our nation and its fortunes are in clear reverse. The indices indicate our decline: our national indices tell a disconcerting story. 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.

“Our current GDP is less than 50% of what it was a decade ago, standing at approximately $200bn, with a per capita income of barely $1,000. Nigeria remains one of the most insecure and least peaceful nations in the world, with countless communities and families displaced from their homes and now living in IDP camps.

“According to the Global Peace Index (GPI), Nigeria ranks 143rd out of 163 countries in terms of peacefulness – an indication of a high level of distress,” he said. “The political, economic and security situation of our country is worsening daily, despite contrary positions and claims by the government of improvement in different spheres of human endeavour.

“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.”

“For those living on the margins—low-income earners and the unemployed—the situation is even more dire. The newly approved minimum wage of N70,000 cannot afford a bag of rice or even half a bag of beans. As a result, many Nigerians go to bed hungry, while many now rely on palliatives and charitable support.

“Tragically, this has recently led to several avoidable deaths. Nigeria’s ranking on the 2024 Global Hunger Index is 110th out of 127 countries, reflecting a critical level of hunger and food insecurity in the nation,” Obi said.

He lamented that Nigeria had earned the dubious distinction of having the highest number of people without access to electricity. He said that in 2024, despite abysmal and unacceptable power generation and distribution, the frequency of national grid collapse increased significantly, with the grid failing 12 times in 12 months. “As a result, we are now mockingly called the ‘generator country’. This persistent lack of adequate energy supply hinders our national development.”

He accused Tinubu’s administration of nepotism and disregarding the constitution, the rule of law, and due process.

Saying that the national debt had risen astronomically, from approximately N15trn in 2015 to N100trn today. “This sharp increase has occurred within the past 18 months under the current administration. Ironically, these borrowings are largely allocated to non-regenerative programmes and projects, leaving little to no tangible developmental assets for the debt.”

Calls on President Tinubu to Tour the Country
Mr Obi, in response to a question at the briefing, suggested that the President should visit all of the states in Nigeria. “It is important for him to do this to feel what the average citizen feels.” He sighted instances of such visits by former President Shehu Shagari when he was an undergraduate at the University of Nigeria Nsuka and President Olusegun Obasanjo visiting Anambra State during his tenure as Governor, arguing that such visits often yield positive dividends.

On Tax Reform Bills
Mr Obi said the issue deserves a broader and more detailed consultation. “It should be widely discussed.” Where I differ from the government is that tax should be a function of credibility and not as a measure or percentage of a nation’s Gross Domestic Product, which the government is emphasising. He asked, “What are you going to tax? People in IDP camps and unemployed people?” He urged the government to reflate the economy by making people productive, and then you can tax them.

On the Polity
On whether his actions are motivated by the politics and elections of 2027, Mr Obi said, “What is important is about Nigeria, not about elections.” He said Nigerians should be concerned about leadership recruitment at all levels. He said the government is using lies and propaganda to bamboozle the people and urged leaders to remember that nobody will be here forever. “Let’s make the country better for our future generations.”

“We hold periodic elections that are no longer genuine. Our electoral processes are visibly flawed, lacking transparency and credibility. Although Nigeria is a democratic country, the electoral processes fall far below acceptable standards, with the people’s votes often not counting,” Mr Obi said.