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Peter Obi decries Nigeria’s economic decline, calls for urgent action

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The 2023 Labour Party Presidential Candidate, Peter Obi, has expressed deep concern over the country’s economic trajectory since 2015.

In a statement on Monday via X, Obi highlighted the contrast between Nigeria’s economic performance in the early years of its return to democracy and its current state.

“When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014,” Obi wrote.

However, he pointed out that this growth was not sustained, with GDP growth collapsing to 2.79% in 2015 and the economy slipping into recession in 2016.

He said, “In 2014, just before the inception of a new administration a year later, Nigeria had the biggest economy in Africa with a Gross Domestic Product of $568.5 billion and a GDP Per Capita of about $3,200.”

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In contrast, he noted that by 2023, Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375 billion and a per capita of $1700.

Accordingly, the situation worsened in 2024, with the GDP further declining to an estimated $253 billion and per capita dropping to $1087.

This is according to data obtained from StatiSense, an AI data company specialising in financial report analysis, bank statement evaluation, and AI chatbot services.

Subsequently, the former governor expressed alarm at the current state of affairs, saying, “Today, poverty is pervasive and on the increase. Unemployment is rising. Food inflation has skyrocketed to over 43%. Foreign and local investors are losing faith in the future growth of our economy and are leaving in large numbers. Businesses are shutting down.”

Obi called for urgent action to prevent further economic collapse and move it from consumption to production as he criticised the current leadership.

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Obi said, “Urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production.

“However, instead of concerning ourselves with all these challenges threatening our collective existence and finding ways to recreate an inclusive and sustainable economy, pull millions of people out of poverty, and return our nearly 20 million out-of-school children to schools, our leaders are more concerned with funding their selfish luxuries and individual lavishness, while throwing blames at others who are only committed to solving the nation’s problems.

“In the face of all these challenges, we the leaders should commit to inclusive and sustainable growth to end the hardship which has continued to burden our fellow Nigerians. Only through that can we achieve a peaceful and secure society.”

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Rivers crisis: Why I won’t make peace with Fubara – Wike

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Minister of the Federal Capital Territory, FCT, Nyesom Wike, has revealed one of the reasons he can’t make peace with Governor Similayi Fubara of Rivers State.

Wike accused Fubara of removing a chief in his family and went ahead to make another person a chief.

The FCT Minister stated this on Wednesday while fielding questions from journalists at a media parley in Abuja.

According to reports, the statement comes amid the ongoing political crisis in the State, with Wike and Governor Similayi Fubara at the center of the feud.

“Sometimes when you people talk about this peace, you don’t take everything. You don’t just sit outside to talk.

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“Look at me, a former governor, Minister of of the FCT, Governor (Fubara) had the temerity, the audacity, because he has money from federation account, because he has more Internally Generated Revenue (IGR), will enter my own family to remove a chief and make another person a chief,” Wike said.

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Lagos HoA Crisis: Let Obasa Stay, Tinubu Tells Lawmakers

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President Bola Tinubu has instructed lawmakers of the Lagos State House of Assembly to allow the impeached and reinstated Speaker, Mudashiru Obasa, to continue leading the house.

The President made this position known when he met with the lawmakers at the State House in Abuja on Wednesday.

As reported earlier, this is the first time President Tinubu is meeting the lawmakers since the crisis began in the house January 13, 2025.

One of the lawmakers told newsmen that ” Obasa is staying. We will obey the president. What we had was a family meeting. The President condenmed Obasa’s actions but blamed us for not carring him (Tinubu) along during the impeachement execrise”.

However, the lawmaker said President Tinubu warned Obasa to carry everyone along.

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” He also warned him (Obasa) that if there were any future complaints from any quarters, he would be gone. “The President said he should let peace reign; and so based on that, we have accepted.”

On the pending matter in court, the source said: “The President has instructed him to withdraw it.”

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Fubara not sincere, playing to gallery – Rivers Assembly

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The Rivers State House of Assembly has disagreed with the claims by the State Governor, Siminalayi Fubara, that he was blocked from entering the House to re-present his 2025 Appropriation Bill.

The House said it never received any official communication from the governor indicating his interest to bring his appropriation bill to the floor of the House.

Spokesperson of the House and Chairman, House Committee on Information, Enemi George, described the claims of the governor as a mere comedy skit scripted to paint the House in bad light.

George recalled that on March 3, the House of Assembly wrote to the governor requesting him to bring his 2025 appropriation bill to the lawmakers following the judgement of the Supreme Court.

He said: “We were the ones, who immediately after that judgement appealed to the governor to bring his appropriation bill. We acted immediately because we have the interest of the state at heart and didn’t want Rivers people to suffer any harm.

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“Despite withholding our entitlements for over a year and demolishing our chambers, we still wanted him to hasten up the presentation in the interest of the progress of Rivers.

“We indicated our intentions in that letter and even gave him a timeframe because of the urgency of the matter. To regularise his appointments, we also urged him during our subsequent sitting to submit the names of his nominees for the positions of commissioners and some boards’ membership for screening and confirmation.

“But, the governor rebuffed our pleas. We sent employees of the Assembly to deliver these resolutions to him. But, as usual, they turned them down at the gate and even brutalized them. We resorted to engaging the services of a courier company.

“But, he still did not heed our call forgetting that there are essential services like hospitals, schools and others to be funded. Our intention was to finish everything about the budget on March 15, so that we could send necessary information and documents to relevant agencies of the government to allow the release of Rivers allocations at the end of March. But, with what he is doing, we don’t know what he wants to achieve.

“How can he turn around to claim that we blocked him from re-presenting his budget? This is the height of insincerity. We even need the budget to be passed because the governor has been owing us our entitlements for more than a year and without the budget, we can’t get our entitlements.

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“The governor and his team simply and deliberately acted Wednesday’s drama with a singular motive to tarnish the image of the Assembly. The governor is simply playing to the gallery to whip up unnecessary sentiments. But, it has backfired because the truth has come out”.

Besides, George insisted that the letter the governor claimed that he sent to the Speaker never got to him, adding that it was after the Wednesday’s sitting that the lawmakers saw the letter flying on social media.

He said: “But, even the letter trending on social media was dated March 11. Does it mean that the governor purportedly sent a letter on Tuesday God knows when, and immediately mobilised to the Assembly Quarters on Wednesday morning, claiming he came to present his budget?

“That alone vitiates the claimed purpose. It is procedurally trite that after writing to the Assembly, the governor ought to wait for the letter to be acknowledged by the lawmakers, who will then invite him to appear before them and make his presentation. Governor Fubara ought to know this if he is sincere.

“But, all we know is that this Assembly will continue to uphold the rule of law and will remain committed to promoting the interest of Rivers State. We urge him to do the needful so that Rivers people can breathe. He is toying with the lives and livelihood of Rivers people.

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