Sixty-five years post-independence, Nigeria’s leaders, opposition figures, religious leaders, and governance specialists have provided a stark assessment of the nation’s condition, cautioning that escalating poverty, insecurity, fragile institutions, and diminishing democratic standards necessitate immediate reforms to safeguard the country’s future.
The Labour Party (LP) presidential candidate, Mr. Peter Obi, characterized Nigeria’s future as grim, indicating that human development metrics place the nation among the lowest in the world, 65 years after gaining independence.
During a press conference in Lagos commemorating this year’s Independence Day, Obi criticized the government led by the All Progressives Congress (APC) for engaging in corruption and implementing severe economic policies that have exacerbated poverty, intensified food insecurity, weakened power supply, increased reckless borrowing, and fueled insecurity that is debilitating the economy.
Obi, who is also affiliated with a political coalition led by the African Democratic Congress (ADC), asserted that Nigeria possesses all the necessary elements to evolve into a great nation, combat terrorism, and restore peace, yet has been hindered by ineffective leadership that serves only a select few. He called on political leaders to prioritize the nation’s interests and steer the country towards justice, equity, and shared prosperity.
Reflecting on Nigeria’s economic past, Obi pointed out that by the end of 2007, the nation’s total debt stood at approximately N2.5 trillion, constituting only 10 percent of GDP, following President Olusegun Obasanjo’s administration securing debt relief exceeding $30 billion. By 2014, he noted, Nigeria had emerged as Africa’s largest economy and was on track to attain middle-income status.
“Today should be a day of celebration and reflection,” Obi remarked. “On October 1, 1960, Nigeria achieved independence to worldwide recognition as a rising African power. Time Magazine even forecasted the emergence of a genuine African superpower.
However, the unfortunate failures in leadership have obstructed that vision. In 1999, we triumphed over military dictatorship and established Africa’s largest economy. Presently, under the APC’s ineffective, divisive, and corrupt governance, Nigeria has significantly declined.
He stated that the nation’s total debt has surged to approximately N175 trillion, representing nearly 50 percent of GDP, without any notable enhancement in the productive sectors. Nigeria, he remarked, has fallen to the fourth-largest economy on the continent, trailing behind South Africa, Egypt, and Algeria, while its democracy is frequently characterized as “undemocratic.”
“In merely one year, this administration has thrust over 15 million Nigerians into severe poverty,” he asserted. “Over 150 million Nigerians currently lack access to essential healthcare, education, water, and sanitation. This figure continues to rise daily under a government that imposes taxes on struggling citizens and small enterprises while engaging in lavish spending.”
Obi accused the administration of extravagant expenditures, referencing billions allocated for presidential jets, yachts, and luxury vehicles that surpass the 2024 budget for primary healthcare. He also condemned the N25 billion refurbishment of the Vice President’s residence, which he claimed exceeded the combined capital budgets of six federal university teaching hospitals, along with over N10 billion designated for National Assembly car parks and canteens: a sum greater than the capital budget of the Ministry of Science and Technology.
“Meanwhile, Nigerians are paying more for everything while receiving less. Passports, electricity, fuel, food, rent, and healthcare have all become more expensive. Yet, power supply remains inconsistent, food insecurity worsens, and it is projected that 33 million Nigerians will confront acute hunger in 2025,” he remarked.
Obi also lamented the pervasive insecurity and reckless borrowing for consumption instead of investment. “Nigerians now live in fear of traveling by road. Kidnapping has become widespread, with billions paid in ransom.
“Cronyism and corruption have deterred investors, while other African countries surpass us as preferred investment locations,” he stated.
In spite of the challenging circumstances, Obi asserted that Nigeria’s potential for greatness is still very much alive. He emphasized the need for responsible economic management, investment in human resources, adherence to the rule of law, and infrastructure development as essential for national recovery. He encouraged Nigeria to take lessons from nations such as China, India, Indonesia, and Bangladesh, which successfully revitalized their economies through disciplined governance and policies focused on the populace.
“The shortcomings of the current administration should not lead us to hopelessness. Instead, they ought to inspire our resolve to rebuild,” he remarked. “Nigeria possesses the resources, talent, and resilience necessary to evolve into an industrialized nation. With appropriate leadership, we can overcome terrorism, restore safety, and foster communities where entrepreneurship flourishes. The outdated political practices that benefit a select few while impoverishing the majority must come to an end.”
Obi concluded by urging political leaders to reject corruption, prejudice, and division, and to welcome a new era characterized by competence, empathy, and dedication. “Despite the challenges we face today, the future is still promising,” he stated. “Against all odds, Nigeria will rise once more. Wishing all Nigerians a Happy Independence Day.”
Atiku’s aide criticizes Tinubu’s address, stating that citizens’ realities contradict government assertions.
Phrank Shaibu, special assistant for public communication to former Vice President Atiku Abubakar, condemned President Bola Tinubu’s Independence Day address, labeling it as disconnected from the severe realities faced by Nigerians.
In his address, Tinubu claimed that Nigeria had “turned the corner” after his administration took over a “nearly collapsed economy due to years of fiscal policy distortions and misalignments that hindered genuine growth.”
However, in a subsequent statement, Shaibu rejected the president’s optimistic view, asserting that the claims regarding advancements in education, healthcare, the economy, and security were at odds with the actual situation.
