The All Progressives Congress (APC) in Lagos State has strongly defended the borrowing approach of President Bola Tinubu’s administration, describing it as strategic and necessary for national development.
The party criticized Peter Obi, the 2023 Labour Party presidential candidate, over his recent comments labeling the government’s borrowings as reckless.
In a statement on Thursday titled “Peter Obi’s Borrowing Hypocrisy: Physician, Heal Thyself,” APC’s Lagos Publicity Secretary, Seye Oladejo, said Obi lacked the moral authority to question the administration’s economic policies.
“Borrowing is not inherently reckless. What matters is the purpose and prudence,” Oladejo said.
“Under President Bola Ahmed Tinubu, borrowing is focused on critical infrastructure, energy, transportation, and other productive sectors. This aligns with global economic practices—even advanced economies borrow to fund growth.”
Obi, a former Anambra State governor, had earlier urged accounting professionals to hold the Federal Government accountable for what he termed irresponsible debt accumulation.
Oladejo, however, dismissed Obi’s stance, accusing him of hypocrisy and poor economic management during his time in office.
“Nigerians remember that as governor, he left unpaid pensions, deteriorating infrastructure, and unimpressive human capital development,” he stated.
“Obi should focus on his strengths in motivational speaking, because serious issues of finance, development, and governance are clearly beyond his depth.”
Oladejo also criticized Obi for what he called contradictory behavior during the 2023 election campaign.
“It’s ironic that someone who preached frugality flew private jets around the world while advocating cost-cutting. The contradiction is glaring,” he said.
According to Oladejo, Tinubu’s administration is taking bold, necessary steps to address Nigeria’s economic challenges through reforms such as fuel subsidy removal, currency stabilization, and targeted borrowing.
“These are tough but essential reforms to secure Nigeria’s future. That’s leadership—not empty rhetoric,” he added.
He concluded by stating that while Tinubu is focused on nation-building, Obi is more interested in soundbites.
“One is a reformer, the other a motivational speaker. Nigerians know the difference,” Oladejo said.
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