NDC challenges Tinubu over Nigeria’s finances, says Obi will reverse borrowing trend

The Nigeria Democratic Congress (NDC) has challenged President Bola Tinubu to account for the financial benefits of fuel subsidy removal, questioning why the Federal Government continues to borrow heavily despite increased revenue generation.

It added that its presidential candidate, Peter Obi, would reverse what it described as the erosion of Nigeria’s commonwealth through excessive borrowing, poor fiscal management and inadequate funding of critical public services if elected in 2027.

In a statement by the spokesperson of its National Presidential Campaign Council, Dr. Chiogo Ikokwu, on Saturday, it said the president should be more concerned about what it described as the erosion of the country’s public resources under his administration rather than criticising Obi over the gully erosion menace in Anambra State.

It further said Nigerians deserved explanations on the promised fiscal gains of subsidy removal, particularly against the backdrop of continued borrowing, rising debt-servicing obligations and inadequate budgetary provisions for health and education.

“Nigerians deserve to know what has happened to the promised fiscal benefits of subsidy removal, particularly against the backdrop of the administration’s frequent borrowing, increased revenue generation, poor debt-service-revenue-ratio and inadequate funding of critical public services like health and education,” it stated.

The party warned that Nigeria could not continue accumulating debts without corresponding improvements in the living conditions of citizens, who, according to it, were contending with worsening poverty, unemployment, insecurity and declining purchasing power.

It said the Obi-Kwankwaso ticket would offer an alternative to Tinubu’s borrowing-dependent economic model through prudent management of public resources, accountability and productive investments.

To buttress its argument, the NDC compared the financial records of Obi and Tinubu during their respective tenures as governors of Anambra and Lagos states.

It claimed that Obi left behind investments and funds worth the equivalent of $500m, including $156m in dollar-denominated bonds, when he left office in 2014.

The party, however, cited Debt Management Office figures which it said put Lagos State’s external debt at approximately $190.43m at the end of 2007, when Tinubu handed over to his successor.

The NDC also faulted the pension law enacted during Tinubu’s tenure as Lagos governor, which provided lifetime benefits for former governors and their deputies.

It listed the benefits to include pensions equivalent to 100 per cent of the basic salary of the incumbent governor, houses in Lagos and Abuja, multiple vehicles, furniture and utility allowances, free medical care, house maintenance allowances and domestic staff.

The party described the package as excessive, claiming that a subsequent administration was compelled to review the law.

It contrasted the arrangement with Obi’s administration in Anambra, saying the former governor did not establish a pension scheme for former governors in the state.

The NDC further warned that excessive borrowing without accountability could undermine Nigeria’s economic stability, citing the experiences of the Ottoman Empire, 19th-century Egypt, Argentina and Zambia as historical examples of the consequences of unsustainable debt and poor fiscal management.

Responding to Tinubu’s criticism of Obi over erosion in Anambra, the party defended the former governor’s record, saying he helped attract and launch the World Bank-supported Nigeria Erosion and Watershed Management Project (NEWMAP) in the state.

It also cited the construction of concrete drainage systems in Adazi Nnukwu, Amawbia and Umuoji, as well as Obi’s engagement with the Federal Government for ecological intervention funds.

The party assured that the central mission of the Obi-Kwankwaso ticket was to halt what it described as fiscal recklessness and the decimation of Nigeria’s commonwealth while creating economic opportunities for present and future generations.

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