Political economist Prof. Pat Utomi and Labour Party’s presidential candidate, Peter Obi, have criticised the Federal Government for its recent borrowing and economic messaging under President Bola Tinubu.
Speaking in Lagos, Utomi condemned the National Assembly’s approval of over $29 billion in loans, warning that continued borrowing could mortgage Nigeria’s future. He called for a constitutional amendment to enforce balanced budgets unless returns on investments outweigh repayment costs.
Utomi also blamed the country’s economic struggles on corruption and poor governance. He urged the government to adopt new strategies, including deploying technology like blockchain and appointing people of integrity to public office.
Meanwhile, presidential adviser Bayo Onanuga defended the $22.5 billion loan approved by lawmakers, accusing critics of misinformation. He said the Ministry of Finance had already explained the loan’s terms and urged opposition figures to base their arguments on facts.
Reacting, Obi alleged that the Tinubu administration is manipulating statistics to paint a misleading picture of Nigeria’s economy. He said the government was downplaying figures on inflation, unemployment, and GDP rebasing to project a false sense of progress.
He cited Tinubu’s 2022 campaign remark — “Na statistics we go chop?” — to stress the disconnect between government rhetoric and citizens’ harsh realities.
Obi added that effective governance requires honesty, competence, and compassion, not political spin.
