Peter Obi Criticizes FG's "Excessive" Borrowing, Alleges Neglect of Economic Issues

Former presidential candidate of the Labour Party in 2023, Peter Obi, has raised concerns about the economic management under President Bola Tinubu's administration. In a recent tweet, Obi accused Tinubu of neglecting critical economic issues and criticized the National Assembly's approval of the president's request for securitizing the outstanding N7.3 trillion 'Ways and Means' debt balance, which he deemed a violation of the CBN Act.

former Presidential candidate of the Labour Party (LP) Peter Obi with President Bola Tinubu

Obi emphasized the need to move beyond political considerations and focus on addressing the fundamental aspects of rational economic management. He expressed worry about the administration's alleged lack of attention to these economic issues and cited a 2700% increase in CBN lending to the Buhari government over seven years, violating the CBN Act.

The former presidential candidate pointed out the national assembly's approval of the securitization request without adequate scrutiny or questioning of the purpose behind the excessive borrowings. Obi urged for responsible borrowing and investment to improve lives and generate revenue but expressed concern over reports of funds being diverted into personal bank accounts within different government agencies and ministries.