Peter Obi Criticizes Tinubu’s Government for Economic Woes, Cites Naira Crash and Soaring Prices

Former Anambra State Governor and Labour Party’s 2023 presidential candidate, Peter Obi, has strongly criticized President Bola Tinubu’s administration, blaming it for Nigeria’s deteriorating economic conditions. Obi lamented the sharp depreciation of the naira, skyrocketing food prices, and increased fuel costs, asserting that the government has failed to improve the country’s economic situation.

During a meeting with Bauchi State Governor Bala Mohammed on Thursday, Obi mocked the Tinubu-led government for worsening Nigeria’s economic challenges rather than addressing them. He argued that the administration had indeed fulfilled its promise of continuing from where former President Muhammadu Buhari’s government left off—albeit negatively.

“Tinubu promised to continue where Buhari stopped, and if you look at the state of things, he has done exactly that,” Obi remarked. “When Buhari left office, the dollar was trading at about ₦400, but today, it has risen to nearly ₦1,500. The price of rice, which was around ₦40,000 per bag, has now exceeded ₦100,000. Petrol, which was sold at approximately ₦300 per liter, is now over ₦1,000. I could go on listing these price hikes—everything has doubled or tripled.”

Obi compared Nigeria’s economic trajectory with that of Indonesia, highlighting how leadership and policy choices have produced vastly different results in both nations over the past decade.

“In Indonesia, a president was sworn in at the same time as another leader in Nigeria. Ten years later, Indonesia’s GDP grew from $800 billion to $1.3 trillion, while their per capita income increased from $3,000 to $5,000,” Obi explained. “In contrast, Nigeria’s GDP has dropped from $500 billion to $200 billion, and our per capita income has fallen from $3,500 to below $2,000. That is the fundamental difference in governance and leadership.”

The former Labour Party presidential candidate has been vocal in his criticism of the Tinubu administration, repeatedly calling for policies that prioritize the well-being of Nigerians over political interests. According to Obi, the current government has failed to implement effective economic strategies, instead allowing inflation and currency devaluation to push millions of citizens into hardship.

Governor Bala Mohammed, in his remarks, acknowledged the economic difficulties facing Nigerians and expressed willingness to work with Obi in addressing these challenges. He emphasized the need for collaborative governance and practical solutions to improve the lives of citizens.

“We must come together, regardless of political affiliations, to find lasting solutions to the problems facing our people,” Mohammed stated. “Our priority should be good governance, and I am open to working with anyone committed to that goal.”

Obi’s criticism comes amid growing discontent among Nigerians, who are grappling with rising costs of living, dwindling purchasing power, and economic instability. The naira’s continuous depreciation against the dollar has exacerbated inflation, making basic necessities increasingly unaffordable for ordinary citizens.

Economic analysts have also voiced concerns about Nigeria’s financial direction, warning that without decisive policy changes, the nation could face even greater economic hardship. Some experts have urged the government to implement urgent reforms in forex policies, agriculture, and energy sectors to curb inflation and stabilize the economy.

Obi, who positioned himself as a champion of economic reform during the 2023 presidential election, continues to advocate for policies that promote investment, industrial growth, and job creation. He maintains that Nigeria’s economic downfall is not inevitable but rather a result of poor leadership decisions.

As the country faces mounting economic pressure, Obi’s comments have reignited debates on the effectiveness of Tinubu’s policies and the future direction of Nigeria’s economy. Whether the administration will take corrective measures or continue on its current trajectory remains to be seen.