Poverty Surge Under Tinubu Deeply Concerning, Says Obi

The 2023 presidential candidate of the Labour Party, Peter Obi, has expressed concern over the rise in Nigeria’s poverty rate, stating that it increased from about 40 percent to 63 percent under the administration of President Bola Tinubu.

Obi made this known in a post on his X handle on Monday, saying recent reports on the rising poverty rate should worry every responsible citizen and leader in the country.

According to him, a new policy study released by Agora Policy, with support from the Nigeria Economic Stability and Transformation Programme and the Foreign, Commonwealth and Development Office, indicated that Nigeria’s poverty rate had climbed significantly following the current economic reforms.

He said the report showed that poverty increased from about 40 per cent before the reforms to over 63 per cent under the present administration.

Obi lamented that the reforms had pushed more Nigerians into poverty than ever before.

“For a country whose population is estimated at over 220 million people, this means that well above 140 million Nigerians now live in poverty. Families nationwide can no longer afford basic necessities such as food, transportation, rent, or healthcare.

“Across the six geopolitical zones of Nigeria, families report painful coping strategies, reducing food consumption, trekking instead of using public transport, having no electricity to use, and borrowing simply to survive.

“Small businesses, which are the backbone of our economy, are shutting down. An economy cannot be said to be improving when the majority of its people are becoming poorer,” obi wrote.

However, obi criticised what he described as lavish and insensitive spending by those in power in contrast to the hardship faced by citizens.

According to him, politicians continue to allocate huge budgets to their comfort and other non-essential expenditures while citizens struggle to meet basic needs.

“Leadership must lead by example, especially during difficult times. You cannot ask the citizens to fast while you feast. Sacrifice must begin from the top,” Obi said.

He further argued that genuine economic reform must be people-centred and focused on protecting the most vulnerable while pursuing fiscal sustainability.

“Reforms that deepen poverty, widen inequality, and crush small businesses cannot be described as successful,” he said.

He maintained that although Nigeria possesses immense human and natural resources, it requires leadership that prioritises prudence, compassion, accountability and measures success not by elite comfort but by the well-being of the ordinary Nigerian.

He called for the urgent implementation of policies that would support development, expand production, strengthen small businesses and protect vulnerable households as the way forward.