Labour Party presidential candidate in the 2023 general election, Mr. Peter Obi, has accused President Bola Ahmed Tinubu’s administration of deliberately masking Nigeria’s economic distress through what he described as “cherry-picked and misleading statistics.” Obi raised these concerns in a detailed statement released on Monday, urging the government to confront the country’s realities rather than promote what he termed as “statistical delusions.”
TJ News Nigeria reports that Obi’s remarks come amid growing discontent across Nigeria over the rising cost of living, persistent inflation, and a weakening currency—all of which have sparked protests and labour unrest in several parts of the country.
Obi Slams Tinubu’s Economic Narrative
Obi faulted recent claims by Tinubu’s economic team that the Nigerian economy is on the path to recovery. He alleged that the administration is “intentionally using obscure and selective data” to distract citizens from the daily hardship they face.
“What we are witnessing is not governance with transparency but governance built on illusion. You cannot solve Nigeria’s economic crisis with propaganda,” Obi stated.
He noted that despite the Federal Government’s claims of improving GDP growth and increased external reserves, the average Nigerian is battling soaring food prices, reduced purchasing power, and worsening access to basic services.
Key Economic Concerns Raised by Obi
- High Inflation: Obi pointed to Nigeria’s inflation rate, which stood at 34.19% in June 2025, according to the National Bureau of Statistics (NBS), as proof that the economy is far from recovery.
- Currency Devaluation: He also highlighted the naira’s continued depreciation, with the parallel market exchange rate hovering around ₦1,550/$, a significant drop from pre-2023 levels.
- Rising Debt Burden: Obi raised alarms over Nigeria’s growing public debt, which now exceeds ₦121 trillion, saying the country is “borrowing for consumption, not productivity.”
- Mass Unemployment: He criticized the administration for failing to address the unemployment crisis, which currently affects over 33% of the labour force, particularly youth.
Government’s Defence and Prior Claims
Earlier this month, the Coordinating Minister of the Economy, Wale Edun, said Nigeria is experiencing economic stability under Tinubu’s reforms. He cited improvements in oil revenue, increased investor confidence, and gradual growth in the non-oil sector.
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The presidency has also pointed to reforms such as fuel subsidy removal and exchange rate unification as “painful but necessary steps” to reposition the economy for long-term growth.
However, Obi dismissed these assertions as disconnected from the lived experiences of Nigerians. “The reality on the streets is different from the polished charts in government offices,” he said.
Some independent economists share Obi’s concerns, noting that while certain macroeconomic indicators may show slight improvements, they do not yet translate into better living conditions for the majority.
Dr. Bamidele Osuntokun, an Abuja-based economic analyst, told TJ News Nigeria that “statistical improvements in GDP or external reserves can be misleading if inflation and poverty continue to rise.”
He added that Obi’s comments reflect a growing skepticism among Nigerians about the true impact of the current administration’s economic reforms.
Obi’s statement is part of a broader pushback by opposition leaders against Tinubu’s governance style, particularly on issues of transparency, accountability, and socioeconomic justice.
Since losing the 2023 election, Obi has remained vocal on national issues, positioning himself as a champion of the “common Nigerian.” His supporters believe he is laying the groundwork for another presidential bid, though he has not formally declared his intention.
