“Nigeria has fallen to the fourth-largest economy in Africa, behind South Africa, Egypt, and Algeria. Our democracy is now described as ‘undemocratic. The picture presently is bleak, as the nation’s total debt now stands at about N175 trillion, which he said is nearly 50 per cent of GDP, without any improvement in productive sectors.”
By Richard Ibu, News/Comments
Abuja-The National Leader of Labour Party, LP, Mr Peter Obi, former governor of Anambra state has said that successive leadership failures dashed the dream and vision of Nigeria’s forefathers, who were sincere in builing nationhood for its citizens.
The 2023 Labour Party Presidential candidate while Speaking in a special broadcast on Wednesday to mark the nation’s 65th Independence Day anniversary, noted that the prediction at independence in 1960, that Nigeria would become an emerging African economic and political power, was unfortunately derailed by leadership failures by successive administrations in the country.
He stated however Nigeria’s founding fathers fought for independence with confidence, passion, and determination to build a prosperous Nigeria that would stand alongside the world’s most advanced nations.
He also recalled that Time Magazine had predicted a country that would rise to become a true African superpower that would lead the continent with pride.
These visions, he regretted, were betrayed by leadership that enriches a few and impoverishes the majority of the citizens.
Obi, stated that despite resilience when the country returned to civil democracy in 1999, resulting in Nigeria becoming Africa’s largest economy, was diminished by the incompetence of the All Progressives Congress (APC) led Federal Government, over the last decade:
“By the end of 2007, our total debt was about N2.5 trillion, only 10 per cent of GDP, after President Obasanjo’s government secured debt forgiveness of over $30 billion. By 2014, Nigeria had become Africa’s largest economy and was primed to achieve middle-income status.In 2015, for the first time, a ruling party was defeated in a presidential election, marking another milestone for our democracy.”
He stated, however, that the picture presently is bleak, as the nation’s total debt now stands at about N175 trillion, which he said is nearly 50 per cent of GDP, without any improvement in productive sectors.
“Nigeria has fallen to the fourth-largest economy in Africa, behind South Africa, Egypt, and Algeria. Our democracy is now described as ‘undemocratic,'”
Obi regretting that in just one year, the APC administration has pushed over 15 million Nigerians into acute poverty, while more than 150 million Nigerians lack access to basic healthcare, education, water, and sanitation.
“This number grows daily under an APC government that pursues brutal revenue-driven policies while ignoring the welfare of its people. Nigeria now ranks among the lowest in the world on human development indicators,”.
He condemned the taxes the government imposed on Nigerians, the extravagance of the nation’s leaders, the government’s reckless borrowings and the growing Insecurity in the country.
Despite this mismanagement, Obi, reiterated Nigeria’s potential for greatness is still achievable, which he said could happen with competent, compassionate, and committed leadership.
“Our priority must be prudent economic management, investment in human capital, rule of law, and infrastructure development. We must mobilise our enormous natural resources to drastically reduce poverty and achieve rapid, sustained growth.We should learn from nations like China, India, Indonesia, and Bangladesh, which have turned around their economies through disciplined leadership and people-centred policies. Nigeria too can rebound, but only if we exit the path of incompetence and fiscal irresponsibility,” .
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