By Emmanuel Thomas l Tuesday, Oct. 13, 2026
ABUJA — The Presidential candidate of Nigerian Democratic Congress, Mr. Peter Obihas cautioned against misinterpreting recent macroeconomic indicators as proof of improving living conditions for everyday citizens.
Addressing the public following the release of the World Bank’s latest report, Obi asserted that the President Bola Tinubu-led All Progressives Congress (APC) administration should not present isolated statistical gains as evidence of economic development while millions of Nigerians continue to grapple with severe economic hardship.
The warning comes on the heels of the World Bank report, titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities’. While the report highlights gains in statutory revenues resulting from key fiscal policy shifts, it concurrently reveals severe structural imbalances in federal debt servicing and capital allocation.
Debt Service Outpaces Total Revenue
Highlighting figures from the report, Obi pointed out that the Federal Government spent N7.7 trillion on debt interest payments alone during the first six months of 2026 (January to June).
This interest bill accounts for roughly 124.2 percent of the N6.2 trillion in total retained revenue collected during the same period, creating a deficit of N1.5 trillion spent on debt service above what was earned.
Obi questioned how the government explains an accelerating debt crisis despite the exponential revenue increases reported since 2023, attributing the gap to reckless borrowing, systemic corruption, and administrative incompetence.
Capital Spending Scaled Back
According to the data, federal expenditure on capital development projects decreased by approximately N700 billion in the first half of the year. As a result, the Federal Government spent roughly 11 times more on debt interest payments than on capital infrastructure projects during the period.
Obi emphasized that true economic stabilization is judged by tangible human welfare outcomes—such as declining poverty rates, youth job creation, and reduced inequality—rather than elevated statistical metrics.
Human Impact Behind the Numbers
”An economy is not truly stabilized simply because government revenue increases, foreign reserves strengthen, or GDP grows,” Obi noted. “Stability exists when citizens can afford food, obtain healthcare, provide education for their children, and live with dignity.”
He raised critical questions regarding the direct impact of the administration’s reforms on everyday families, asking what comfort higher government revenue offers mothers who cannot provide nutritious meals for their children, or families forced to choose between purchasing food and essential medicines.
Poverty Reversals Confirmed by UNDP Data
The domestic economic situation aligns with global assessments, including recent findings from the United Nations Development Programme (UNDP).
The UN agency’s Global Multidimensional Poverty Index (MPI) classifies approximately 140 million Nigerians as multidimensionally poor, identifying Nigeria as one of the nations where earlier progress in poverty reduction has been reversed.
Obi urged the Tinubu-led administration to recognize that projecting incomplete statistics cannot substitute for measurable improvements in public welfare, calling for a policy redirect that prioritizes job creation, infrastructure investments, and meaningful poverty alleviation across Nigeria.