NDC Accuses Tinubu Of Mismanaging Nigeria’s Wealth, Backs Obi-Kwankwaso

The Nigeria Democratic Congress (NDC) has accused President Bola Tinubu’s administration of excessive borrowing and poor management of public resources, saying its presidential candidate, Peter Obi, and running mate, Rabiu Musa Kwankwaso, are determined to reverse what it described as the erosion of Nigeria’s commonwealth.

The party stated this while reacting to Tinubu’s recent remarks about Obi’s handling of erosion challenges in Anambra State during his tenure as governor.

President Tinubu, while addressing supporters at an All Progressives Congress (APC) rally in Akwa Ibom State on Friday, took a swipe at the former Anambra governor, saying he could not control erosion in his state, whereas he had confronted the Atlantic Ocean during his tenure as governor of Lagos State.

However, in a statement issued on Saturday, the Spokesperson of the NDC National Presidential Campaign Council, Dr Chiogo Constance Ikokwu, said the mission of the Obi-Kwankwaso ticket went beyond environmental challenges to addressing what she described as the rapid depletion of the nation’s collective wealth.

Ikokwu said the party was concerned about the contradiction between the expected financial benefits of petrol subsidy removal, the Federal Government’s continued borrowing and inadequate funding of critical sectors.

She argued that Nigerians deserved explanations on how the financial gains from subsidy removal and increased government revenue were being utilised, particularly against the backdrop of rising debt obligations and inadequate funding for healthcare and education.

The NDC spokesperson said the party would not allow Nigeria to continue accumulating debts without corresponding improvements in the living conditions of citizens, who she noted were already battling poverty, unemployment, insecurity and declining purchasing power.

To support its position, the party compared the financial records of Obi and Tinubu during their respective tenures as governors of Anambra and Lagos states.

According to Ikokwu, Obi left investments valued at the equivalent of $500 million, alongside local and foreign currency holdings, including $156 million in dollar-denominated bonds, when he left office in Anambra State in 2014.

In contrast, she cited Debt Management Office figures which, according to her, put Lagos State’s external debt at approximately $190.43 million at the end of 2007, when Tinubu handed over to his successor.

The party also criticised the pension law enacted during Tinubu’s administration in Lagos, which it said provided lifetime benefits for former governors and their deputies.

It listed the benefits as pensions equivalent to 100 per cent of the incumbent governor’s basic salary, houses in Lagos and Abuja, multiple vehicles, furniture and utility allowances, free medical care, house maintenance allowances and provisions for domestic staff.

Ikokwu said the package was excessive and was subsequently reviewed by a succeeding administration, adding that Obi did not establish a similar pension scheme for former governors in Anambra State.

The NDC maintained that the Obi-Kwankwaso ticket offered Nigerians an opportunity to move away from what it described as a borrowing-dependent economic model towards prudent management of public resources, accountability, productive investments and improved citizens’ welfare.

It also warned that excessive borrowing without accountability could undermine the country’s economic stability, citing historical examples of nations that experienced decline following unsustainable debt and poor fiscal management.

Defending Obi’s record on erosion management, the party said the former governor helped attract and launch the World Bank-assisted Nigeria Erosion and Watershed Management Project (NEWMAP) in Anambra State.

It added that his administration introduced drainage requirements for new state roads and executed local flood-control projects in communities including Adazi Nnukwu, Amawbia and Umuoji.

The party further claimed that Obi regularly engaged the Federal Government on the need for ecological intervention funds and accountability in their utilisation.

It said the ultimate objective of the Obi-Kwankwaso ticket was to halt what it called fiscal recklessness and the depletion of Nigeria’s commonwealth while creating economic opportunities for present and future generations.