Presidential Candidate of Nigeria Democratic Congress (NDC), Peter Obi, has cautioned the Federal Government against presenting few improved macroeconomic indicators as evidence that living standards are improving, saying the economy cannot be said to be stable when poverty is rising.
Reacting to the World Bank report titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, Obi said a report which noted improvements in growth and revenue generation should not be misinterpreted by President Bola Tinubu-led administration.
He said criteria for economic development is whether poverty is declining, jobs are created for youths and inequality is reducing, noting the answer is no under the current government.
Obi, in a statement posted on X handle on Monday, said the economy is not truly stabilized because government revenue increases, foreign reserves strengthen or GDP grows, but when citizens can afford food, obtain healthcare, provide education for children and live with dignity.
He questioned comfort higher revenue offers to mothers who cannot provide nutritious meals or family forced to choose between food and medicine, asking for benefits of celebrated reforms when ordinary Nigerians continue to bear hardship.
Citing the World Bank report, Obi said the Federal Government spent N7.7 trillion on debt interest payments alone in first six months of 2026 from January to June, representing about 124.2 percent of total revenue of N6.2 trillion within same period, with interest payment exceeding revenue by about N1.5 trillion.
He described the situation as an unsustainable debt crisis despite exponential increase in revenue since 2023, adding that borrowing and revenue increased but expenditure on capital projects reduced by about N700 billion in the first half of year, with the government spending about 11 times more on interest payment than on capital projects.
He attributed development to reckless borrowing, corruption and incompetence.
Obi said presenting incomplete economic statistics cannot replace measures of how reform impacts welfare, stressing the government cannot expect citizens to applaud statistics while they struggle to survive the effects of its policies.
He noted about 140 million Nigerians are classified as multidimensionally poor with a recent UNDP report listing Nigeria among countries where gains in reducing poverty have been reversed.
He said reforms should be evaluated by consequences for people particularly poorest and most vulnerable, and measures demanding substantial sacrifices must deliver visible, measurable and broadly shared benefits.
According to him, the World Bank assessment should compel the government to review reform and focus on welfare rather than self-congratulation, adding true test is whether Nigerians are eating better, living better and escaping poverty, while the definitive measure of success is quality of peoples lives not apparent stability on paper.
He said Nigeria deserves an economy that serves citizens, not one that sacrifices wellbeing for macroeconomic stability, and that ends mass poverty, reduces inequality and creates enough jobs for youths.
