“Nigeria in Free Fall”: Peter Obi Condemns Tinubu’s Two-Year Leadership, Cites Alarming Economic Decline

 

Peter Obi Takes Swipe at Tinubu’s Two Years in Office, Warns of Deepening National Decline

Presidential candidate of the Labour Party in the 2023 elections, Peter Obi, has issued a scathing critique of President Bola Ahmed Tinubu’s performance, stating that Nigeria’s democracy, economy, and governance are in a state of severe deterioration. In a sharply worded statement titled “Democracy in Decline: Reflecting on Two Years of Tinubu’s Governance”, Obi accused the Tinubu administration of mismanagement, unchecked corruption, and unprecedented borrowing levels that surpass the combined records of past leaders.

Obi’s remarks painted a bleak picture of the nation's current trajectory. Highlighting the erosion of democratic values and the breakdown of governance, the former Anambra State governor claimed that President Tinubu's government has normalized propaganda, impunity, and failure while failing to deliver measurable progress or accountability.

Rather than exhibiting signs of responsible governance, Obi said the administration has focused more on controlling the public narrative, deflecting blame, and sidelining rule-of-law principles. He asserted that the President should redirect his attention from frequent international trips to domestic issues, noting that Tinubu has already spent nearly 150 days abroad in over 30 international visits since taking office.

“If the President had toured Nigeria’s 36 states, dedicating just two days to each, he would have needed only 72 days—less than half the time he’s already spent overseas,” Obi argued. He urged the President to connect with the realities of ordinary Nigerians by visiting all states to understand the country's deepening challenges firsthand.

Referencing late President Umaru Musa Yar’Adua, Obi advised Tinubu to reflect on the courage it takes to admit systemic flaws and to prioritize the revival of democratic values. He also praised former President Goodluck Jonathan for his role in stabilizing Nigeria’s democratic institutions by conceding defeat in 2015 without resistance, urging Tinubu to adopt a similar statesmanlike approach.

A particularly grave concern raised by Obi was the state of the economy. Citing verified statistics, he stated that Nigeria’s Gross Domestic Product (GDP) has plummeted from $364 billion in May 2023 to $188 billion—an almost 50% decline. Similarly, the GDP per capita has dropped from $1,640 to about $835. He described this economic downturn as both devastating and unprecedented.

According to Obi, the nation’s poverty level has surged alarmingly, with multidimensional poverty affecting 54% of Nigerians—up from 38.9%. Around 129 million citizens now live below the poverty line, with rural communities particularly hard-hit. A recent World Bank report corroborated this, noting that 75% of Nigeria’s rural population now live in extreme poverty.

Educational standards have suffered, Obi said, lamenting that Nigeria currently has over 18.3 million out-of-school children—the highest globally. He described the education system as fundamentally broken, with students sitting for national exams under candlelight, without access to science labs or functional computers.

On healthcare, Obi painted an equally dire picture. He revealed that less than 20% of Nigeria’s 30,000 primary health centers are fully operational, and some lack basic sanitation. A UN report recently ranked Nigeria as the most dangerous place in the world for childbirth, with one maternal death recorded every seven minutes.

Economic hardship has not spared the business environment. Obi highlighted that approximately seven million small and medium-scale enterprises (SMEs) have collapsed in the past two years. More than 80 manufacturing firms have shut down permanently, while at least 15 multinational companies, including Diageo, Shoprite, and GlaxoSmithKline, have exited the country due to an unviable business climate.

The Labour Party stalwart further raised alarms about growing food insecurity. He stated that Nigeria ranks among the most hunger-stricken nations in the world, with inflation and lack of disposable income pushing basic food items beyond the reach of millions.

Mental health is also worsening, he added, with more than half of Nigerians reporting daily stress. The combination of economic despair, insecurity, and policy failures, according to Obi, has fueled an epidemic of anxiety, depression, and social unrest.

Perhaps most damning was Obi’s claim about the government’s debt record. He alleged that Tinubu’s administration has borrowed more in two years than the administrations of Yar’Adua, Jonathan, and Buhari combined—despite promises that fuel subsidy removal would reduce borrowing needs. Nigeria’s public debt now stands close to N188 trillion, with minimal impact on crucial sectors like healthcare, education, or infrastructure.

Obi also cited rampant budget inflation and legislative complicity in corruption. He referred to findings by BudgIT, which showed that the National Assembly padded the 2025 budget with over N7 trillion in questionable allocations. Such practices, he said, indicate that financial recklessness and corruption have become deeply entrenched.

Concluding his statement, Obi warned that Nigeria is slipping dangerously away from the core values of democracy. Without urgent corrective action, he said, the current administration risks pushing the country into deeper crisis.

“The signs of democratic decay are evident—lack of transparency, absence of rule of law, and increasing disregard for citizens' welfare. We must rise above this era of impunity and mediocrity before it's too late,” he said.