The Nigeria Democratic Congress (NDC) has accused President Bola Tinubu’s administration of pursuing a borrowing-dependent governance model, saying its presidential candidate, Peter Obi, and running mate, Rabiu Musa Kwankwaso, intend to adopt a different approach if elected in 2027.
The party said the ticket would focus on accountability, productive investment and better management of public resources rather than continued borrowing without visible benefits for Nigerians.
The NDC’s position followed Tinubu’s comments on Obi’s record in tackling erosion in Anambra State while serving as governor.
At an All Progressives Congress rally in Akwa Ibom State on Friday, Tinubu said Obi had failed to address the erosion problem in Anambra, while he had confronted the Atlantic Ocean in Lagos.
Responding in a statement signed by its National Presidential Campaign Council spokesperson, Dr Chiogo Ikokwu, the NDC said Obi’s presidential ambition went beyond the issue raised by the President.
The party argued that Nigerians deserved explanations about the expected fiscal gains from fuel subsidy removal, especially against the backdrop of increased revenue generation, rising debt obligations and inadequate funding of public services.
It also questioned the administration’s borrowing frequency and debt-service-to-revenue ratio, saying the country could not continue accumulating loans while citizens faced poverty, unemployment, insecurity and declining purchasing power.
The statement said the Obi-Kwankwaso ticket would address what it described as the growing contradiction between subsidy-removal gains, government borrowing and underfunded national budgets.
The party also presented a comparison of the financial records of Obi and Tinubu as governors of Anambra and Lagos states.
It claimed Obi left investments and other financial holdings equivalent to $500 million when he left office in 2014, including $156 million in dollar-denominated bonds.
For Lagos, the party cited Debt Management Office figures which it said showed external debt of approximately $190.43 million at the end of 2007, when Tinubu completed his tenure as governor.
The NDC also faulted the Lagos State pension law introduced during Tinubu’s administration, saying it granted former governors and their deputies lifetime benefits, including pensions, houses, vehicles, medical care and allowances.
It said a subsequent administration had to review some provisions of the law, while Obi did not establish a comparable pension scheme for former governors in Anambra.
The party said its proposed governance approach would emphasise responsible borrowing, transparency, investment in productive sectors and measurable improvements in living conditions.
It warned that excessive borrowing and poor fiscal management could undermine national development.
We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this.
Your kind donation will help our continuous research efforts.
-Advertisement-
-Want to get the news as it breaks?-
