Former Labour Party presidential candidate and Nigeria Democratic Congress (NDC) presidential flagbearer, Peter Obi, has challenged President Bola Tinubu to account for more than $100 billion in loans obtained by his administration and the N15.8 trillion reportedly saved from the removal of the petrol subsidy.
Obi urged the president to visit the remaining 33 states of the federation and explain how the funds, alongside increased government revenues from taxation and other sources, had been utilised since he assumed office in May 2023.
The former Anambra State governor made the demand in a statement issued on Saturday titled, ‘Good Day, Mr. President: Nigerians Deserve Accountability’, following Tinubu’s recent visit to Akwa Ibom State.
While congratulating the president on the visit, Obi expressed hope that it would encourage him to travel to other states and interact with Nigerians about his administration’s achievements.
He, however, questioned the president’s frequent foreign trips, alleging that Tinubu had spent more than 260 days outside Nigeria since taking office.
Obi said Nigerians deserved clear explanations about the resources available to the government and the impact of its spending on their daily lives.
“I sincerely hope this visit will inspire you to travel to the remaining 33 states of the federation, spend time with the people and, more importantly, explain what your administration has done with the N15.8 trillion saved from the removal of the fuel subsidy, the over $100 billion you have borrowed,” he stated.
He also demanded accountability for additional government revenues generated through taxation and other sources, including revenue collections the administration reportedly said had exceeded its targets.
Obi said the government should provide measurable evidence of improvements in poverty reduction, education, healthcare, electricity supply and national security.
He specifically asked how many Nigerians had been lifted out of poverty, how many out-of-school children had returned to classrooms and how many functional primary healthcare centres had been established.
On electricity, the NDC presidential candidate questioned the level of improvement in power supply, recalling Tinubu’s earlier promise that Nigerians should not re-elect him if he failed to address the country’s electricity challenges.
He also called for explanations about the administration’s security efforts, arguing that Nigerians continued to face serious threats from terrorism and other forms of insecurity.
According to Obi, accountability and transparency should be central to governance, adding that citizens had the right to know how public resources were being managed.
Meanwhile, the NDC has declared that an Obi-Kwankwaso administration, if elected in 2027, would end what it described as borrowing-driven governance and introduce stricter fiscal discipline.
The party made its position known in a statement issued on Saturday by the spokesperson of its National Presidential Campaign Council, Dr. Chiogo Constance Ikokwu.
The statement followed Tinubu’s criticism of Obi over the persistent gully erosion problem in Anambra State.
The NDC argued that Obi’s political ambition extended beyond addressing environmental challenges in his former state, insisting that his broader objective was to prevent what it described as the continuous depletion of Nigeria’s national wealth.
The party questioned the benefits of petrol subsidy removal, saying the government had yet to demonstrate how the resulting savings and increased revenues had translated into improved public services.
It also expressed concern over Nigeria’s rising debt profile, debt-servicing obligations and what it described as inadequate funding for education and healthcare.
“Obi-Kwankwaso will not allow Nigeria to continue borrowing at an alarming rate, without corresponding benefits, while citizens endure worsening poverty, unemployment, insecurity and declining purchasing power,” the party said.
To support its position on fiscal management, the NDC compared Obi’s financial record as Anambra governor with Tinubu’s tenure as governor of Lagos State.
The party claimed that Obi left investments and local and foreign currency assets worth approximately $500 million when he left office in 2014, including $156 million in dollar-denominated bonds.
It contrasted this with figures from the Debt Management Office, which it said showed that Lagos State had external debt of approximately $190.43 million at the end of 2007, when Tinubu left office.
The party also criticised the pension law introduced during Tinubu’s administration in Lagos, alleging that it provided former governors and their deputies with lifetime benefits, including pensions equivalent to 100 per cent of the incumbent governor’s basic salary, houses in Lagos and Abuja, vehicles, medical care and other allowances.
It described the provisions as excessive and a burden on public resources, claiming that a subsequent administration in Lagos had to review some of them.
The NDC further maintained that Obi did not introduce a similar pension arrangement for former governors in Anambra State.
The party said the 2027 presidential election would present Nigerians with a choice between what it described as the Tinubu administration’s borrowing-dependent economic model and the Obi-Kwankwaso commitment to responsible spending, transparency and accountability.
It warned that excessive borrowing without corresponding productive investments could undermine economic development and impose financial difficulties on future generations.
On the gully erosion controversy, the NDC defended Obi’s record, stating that his administration took steps to address erosion and flooding in Anambra State.
It said Obi helped attract and launch the World Bank-supported Nigeria Erosion and Watershed Management Project (NEWMAP) in the state.
The party also cited his directive that newly constructed state roads should incorporate proper drainage systems connected to safe discharge points.
It listed drainage and flood-control projects in communities such as Adazi Nnukwu, Amawbia and Umuoji as evidence of efforts made by the former governor to tackle environmental challenges.
The NDC added that Obi regularly engaged the federal government to secure ecological intervention funds for Anambra State, while emphasising accountability in the management of such resources.
