By Ismaeel Aleem
The All Progressives Congress (APC) in Lagos State has defended President Bola Tinubu’s borrowing policy, dismissing criticism from Labour Party’s 2023 presidential candidate, Peter Obi, as hypocritical and misguided.
In a statement titled “Peter Obi’s Borrowing Hypocrisy: Physician, Heal Thyself,” the party’s Spokesman Seye Oladejo accused Obi of lacking the moral authority to critique the administration’s financial strategy, which he described as strategic and essential for Nigeria’s development.
Nigeria’s rising debt profile has been a contentious issue, with Tinubu’s administration justifying its borrowing as necessary to fund critical infrastructure, energy, and transportation projects aimed at driving economic growth.
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The government argued that borrowing aligns with global practices, even among advanced economies, to fuel development.
However, opposition figures, including the 64-year-old criticised the mounting debt, warning that it exacerbates Nigeria’s economic challenges without tangible improvements in living standards.
Oladejo, responding to Obi’s call for accountants to confront the Tinubu-led government over “reckless borrowings,” advised the former Anambra governor to stick to politics, as “finance, economy, development, and social policy remain his enduring handicap.”
He emphasised that borrowing under Tinubu is purposeful and tied to productive sectors, not reckless as alleged.
“Borrowing is not inherently reckless. What matters is purpose and prudence,” Oladejo said, highlighting that Tinubu’s loans are strategically deployed to infrastructure and economic reforms.
He further criticised Obi’s tenure as Anambra governor, claiming he left behind unpaid pensions, crumbling infrastructure, and poor human capital indices.
Oladejo pointed out Obi’s “extravagant tendencies,” citing his use of private jets during his presidential campaign while preaching cost-cutting.
“The contradictions are glaring,” he remarked, accusing Obi of engaging in “motivational-speech politics” rather than substantive governance.
Oladejo praised Tinubu’s bold reforms, including subsidy removal, currency adjustments, and targeted borrowing, as “difficult but inevitable” steps to secure Nigeria’s economic future.
“This is leadership in action, not empty moralizing,” he said.
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He urged Obi to refrain from commenting on serious financial and governance matters, asserting that the Labour Party candidate is “out of depth and out of place.”
He contrasted Tinubu’s reformist agenda with Obi’s rhetoric, stating, “Tinubu is building Nigeria’s future, while Obi is busy building sound bites. One is a reformer, the other a motivational speaker. Nigerians know the difference.”
