The ruling All Progressives Congress (APC), Lagos State chapter, has described borrowing under President Bola Ahmed Tinubu-led administration as strategic, insisting it is aimed at funding critical infrastructure and boosting economic reforms to secure Nigeria’s future, and not reckless as alleged by Labour Party’s 2023 presidential candidate, Peter Obi.
In a statement titled “Peter Obi’s Borrowing Hypocrisy: Physician, Heal Thyself” on Thursday, Spokesman of the Lagos APC chapter, Mr. Seye Oladejo, criticised Obi’s attack on the president’s borrowings, advising him to focus on areas of strength in politics.
Oladejo said, “Topics bordering on finance, economy, development, and social policy remain his enduring handicap.”
He further stressed that borrowing under the current administration is tied to productive sectors and critical projects, noting that, “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.”
Oladejo also questioned Obi’s credibility on fiscal prudence, saying, “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.”
He accused Obi of exhibiting extravagance and contradiction, adding, “For someone who flew around the world in private jets during his campaign while sermonising about cutting costs, the contradictions are glaring.”
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Highlighting the administration’s economic reforms, Oladejo said, “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 concluded by urging Obi to refrain from commenting on serious governance and financial matters.
“He is out of depth and out of place. 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,” the statement added.
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