Following the Labour party’s 2023 presidential candidate Peter Obi recent call on accountants to confront Federal Government over what he called “reckless borrowings” the All Progressives Congress in Lagos State has defended the borrowing policy of President Bola Tinubu’s administration, insisting it is strategic and aimed at funding critical infrastructure, not reckless as alleged Peter Obi.
Nigeria’s rising debt profile has remained a recurring issue in national discourse, critics, including opposition figures, argue that mounting debt without visible improvements in living standards worsens Nigeria’s economic challenge.
However Tinubu’s administration has defended its borrowing as necessary for infrastructure expansion and economic reforms, citing global practices.
The APC Spokesman, Mr Seye Oladejo, in a statement titled “Peter Obi’s Borrowing Hypocrisy: Physician, Heal Thyself” on Thursday berated the 2023 Labour Party’s Presidential Candidate’s criticism of Tinubu’s borrowings.
Oladejo advised Obi to play to his strengths in politics, “as topics bordering on finance, economy, development, and social policy remain his enduring handicap.”
According to him, borrowing under the present administration is strategic, tied to projects and funding of productive sectors.
“First, borrowing is not inherently reckless. What matters is purpose and prudence.
“Under President Bola Ahmed Tinubu, borrowing is strategic, tied to critical infrastructure, energy, transportation, and productive sectors.
“This is the globally accepted practice-even the most advanced economies borrow to fund growth. Second, Peter Obi has no moral authority to lecture anyone about prudence.
“Nigerians remember that as governor, he left behind unpaid pensions, collapsing infrastructure, and poor human capital indices,” Oladejo said.
He stated that Obi had consistently displayed extravagant tendencies, adding that it was a contradiction that he was going about giving sermons on prudent management of resources.
“For someone who flew around the world in private jets during his campaign while sermonising about cutting costs, the contradictions are glaring,” he said.
According to him, unlike Obi’s motivational-speech politics, Tinubu is taking bold, necessary steps to reset the economy.
“Subsidy removal, currency reforms, and targeted borrowing are difficult but inevitable measures to secure Nigeria’s future. This is leadership in action – not empty moralising,” he added
He urged Obi to refrain from commenting on serious matters of finance and governance,” he is out of depth and out of place”.
Oladejo said that Tinubu was building Nigeria’s future, while Obi was busy building sound bites. One is a reformer, the other a motivational speaker. Nigerians know the difference,” he said.
NAN
