Our Reporter, Abuja
Former presidential candidate of the Labour Party, Mr. Peter Obi, has lamented Nigeria’s worsening economic and political fortunes, declaring that despite decades of setbacks, a great Nigeria is still possible.
In a statement to mark the nation’s 65th Independence anniversary on Wednesday, Obi said October 1 ought to be a day of joy, gratitude, and remembrance for the sacrifices of Nigeria’s founding fathers who fought to free the country from colonial rule.
He recalled that at independence in 1960, Nigeria was celebrated globally as an emerging economic and political power, with Time Magazine predicting it would become Africa’s first true superpower.
“Our founding fathers fought for independence with confidence, passion, and determination to build a prosperous Nigeria that would stand alongside the world’s most advanced nations,” Obi noted.
“Unfortunately, tragic failures of leadership derailed this vision.”
The former Anambra governor accused successive administrations, particularly the ruling All Progressives Congress (APC), of squandering Nigeria’s opportunities and plunging millions into poverty. He said that under the APC, the country had suffered “incompetent, divisive, and corrupt leadership” that left Nigeria diminished both economically and politically.
According to Obi, Nigeria’s debt has ballooned from about N2.5 trillion in 2007 to over N175 trillion today—almost 50 percent of GDP—without corresponding growth in productivity. He lamented that Nigeria, once Africa’s largest economy, had now slipped to fourth place behind South Africa, Egypt, and Algeria.
“The picture today is bleak,” he said.
“More than 150 million Nigerians lack access to basic healthcare, education, water, and sanitation. In just one year, this administration pushed over 15 million Nigerians into acute poverty.”
Obi also faulted what he described as reckless borrowing, misplaced priorities, and extravagant spending on luxury items for public officials at the expense of essential services. He cited allocations for new presidential jets, a N25 billion renovation of the Vice President’s residence, and billions spent on National Assembly car parks and canteens as examples of misplaced governance priorities.
“At the same time, Nigerians pay more for everything—passports, electricity, petrol, food, rent, and healthcare—yet receive less in return,” he said.
On security, Obi lamented the worsening state of affairs, saying the government had failed to curb terrorism, banditry, and kidnapping, which he argued have crippled the economy and instilled fear among citizens.
Despite these challenges, the Labour Party leader insisted that Nigeria still has the capacity to rise again if it embraces visionary and accountable leadership.
“A great Nigeria is still possible,” Obi declared, urging citizens not to lose hope but to remain steadfast in the struggle for a just, united, and prosperous nation.
