The Lagos State Chapter of the All Progressives Congress (APC) has criticised former Anambra State Governor Peter Obi’s comments on government borrowing, dismissing his critique as lacking substance, and noting that his criticism contradicts his governance records.
In a statement on Thursday issued by Lagos APC Spokesman Mogaji Seye Oladejo, the party urged Obi to focus on areas where he has demonstrated strength, suggesting his interventions on financial and economic matters expose a “shallow grasp of issues.”
Oladejo stated that borrowing is not inherently reckless when tied to strategic purposes like infrastructure development, energy, and productive sectors – pointing to President Bola Tinubu’s administration as employing borrowing for critical growth areas.
He contrasted this with Obi’s record as governor, citing unpaid pensions, deteriorated infrastructure, and poor human capital outcomes in Anambra State, questioning Obi’s moral authority to speak on prudence, and referencing his appearance in the Pandora Papers related to offshore accounts and hidden assets.
Oladejo juxtaposed Obi’s past actions, like campaigning with private jet travel while advocating cost-cutting, with President Tinubu’s economic reforms including subsidy removal and currency adjustments, labeling the latter as “leadership in action.”
The APC expressed reservations about Obi’s commentary on financial and economic matters, saying these topics highlight his limitations.
He said: “Borrowing is not inherently reckless. What matters is purpose and prudence. Under President 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.
“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. His much-advertised ‘savings’ were idle balances lodged in banks, not real investments that created jobs or improved livelihoods. Ironically, he boasted of investing public funds in breweries – yet today preaches about prudence.
“Unlike Obi’s motivational-speech politics, President Tinubu is taking bold, necessary steps to reset the economy. 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.
“We, therefore, urge Mr. Obi, with all due respect, to conserve his health and stick to areas where his talent lies: populist rhetoric, electioneering platitudes, and recycled campaign speeches. On serious matters of finance and governance, he is out of depth and out of place.”
