• Presidency defends $22.5b loan
• Obi accuses Tinubu of cooking books to mask economic woes
Political Economist, Prof. Pat Utomi, has criticised the Federal Government under the All Progressives Congress (APC), specifically the National Assembly, for its recent approval of a borrowing plan worth over $29 billion.
Meanwhile, Special Adviser to the President on Information and Strategy, Bayo Onanuga, defended the recently approved $22.5 billion external loan by the National Assembly for the Nigerian government.
This was as the Labour Party (LP) presidential candidate, Peter Obi, accused President Bola Tinubu’s administration of presenting false statistics to downplay the country’s economic challenges.
Speaking in Lagos yesterday, Utomi warned that excessive borrowing could mortgage Nigeria’s future. He advocated a constitutional amendment requiring a balanced budget, except where returns on investment exceed amortisation costs.
Utomi expressed concern about the country’s deteriorating state, citing corruption and poor governance as major issues.
He emphasised the need for new thinking to combat corruption, suggesting the recruitment of people of character into public life and the use of technology like blockchain.
Reacting to criticisms of the Federal Government’s policies, Onanuga lamented that critics continued to raise “unnecessary questions and concerns” despite the Federal Ministry of Finance providing a comprehensive breakdown of the loan’s purpose and terms two months earlier.
He advised those opposed to the loan to focus on factual and analytical engagement, rather than resorting to misinformation or unfounded claims.
“Effective opposition requires engagement based on verifiable facts and precise analysis, rather than relying on lies, misleading narratives or unsubstantiated claims,” he wrote on X.
According to Onanuga, this approach is essential to fostering a healthy democratic environment.
On his part, Obi, in a statement, claimed that the Tinubu administration was inundating Nigerians with wrong figures on unemployment, inflation and Gross Domestic Product (GDP) rebasing to create a positive narrative despite the harsh economic realities.
Tinubu’s administration, he said, is attempting to put a positive spin on the deteriorating economic and household conditions in Nigeria.
Obi referenced Tinubu’s 2022 campaign remark, where he dismissed the importance of statistics, saying, “Na statistics we go chop? All I want is to put food on the table of Nigerians,” noting that Nigeria is now classified as one of the hungriest nations in the world, with millions of Nigerians struggling to access basic necessities.
He stressed that governance requires sincerity of purpose, character, competence, capacity and compassion.
“Governance is not rocket science; it’s not a gamble. Like I have always reiterated, it requires sincerity of purpose, character, competence, capacity and compassion,” Obi added.
