The Nigeria Democratic Congress (NDC) has challenged President Bola Tinubu to account for the financial benefits of fuel subsidy removal. The party questions why the Federal Government continues to borrow heavily despite increased revenue generation. In a statement, the NDC's National Presidential Campaign Council spokesperson, Dr. Chiogo Ikokwu, said Nigerians deserve explanations on the promised fiscal gains of subsidy removal.
The NDC criticized the administration's frequent borrowing, increased revenue generation, poor debt-service-revenue-ratio, and inadequate funding of critical public services like health and education. The party warned that Nigeria could not continue accumulating debts without corresponding improvements in citizens' living conditions. Nigerians are contending with worsening poverty, unemployment, insecurity, and declining purchasing power.
The NDC compared the financial records of its presidential candidate, Peter Obi, and President Tinubu during their respective tenures as governors of Anambra and Lagos states. The party claimed that Obi left behind investments and funds worth $500m, including $156m in dollar-denominated bonds, when he left office in 2014. In contrast, Lagos State's external debt was approximately $190.43m at the end of 2007.
The NDC faulted the pension law enacted during Tinubu's tenure as Lagos governor, which provided lifetime benefits for former governors and their deputies. The party described the package as excessive, claiming that a subsequent administration was compelled to review the law. In contrast, Obi's administration in Anambra did not establish a pension scheme for former governors.
The NDC warned that excessive borrowing without accountability could undermine Nigeria's economic stability. The party cited historical examples of the consequences of unsustainable debt and poor fiscal management, including the Ottoman Empire, 19th-century Egypt, Argentina, and Zambia. The NDC assured that the Obi-Kwankwaso ticket would halt fiscal recklessness and create economic opportunities.
Responding to Tinubu's criticism of Obi over erosion in Anambra, the NDC defended Obi's record. The party said he helped attract and launch the World Bank-supported Nigeria Erosion and Watershed Management Project (NEWMAP) in the state. Obi also constructed concrete drainage systems in several areas and engaged with the Federal Government for ecological intervention funds.
The NDC's central mission is to halt fiscal recklessness and the decimation of Nigeria's commonwealth while creating economic opportunities for present and future generations. The party maintained that Obi's administration would offer an alternative to Tinubu's borrowing-dependent economic model through prudent management of public resources, accountability, and productive investments.
Key points
- The Nigeria Democratic Congress challenges President Bola Tinubu to account for the financial benefits of fuel subsidy removal amid heavy borrowing.
- The NDC compares the financial records of Peter Obi and Tinubu during their tenures as governors of Anambra and Lagos states.
- The party warns that excessive borrowing without accountability could undermine Nigeria's economic stability.
