NDC to Tinubu: Obi-Kwankwaso ticket targets erosion of Nigeria’s wealth

The National Democratic Congress (NDC) has said its presidential candidate, Peter Obi, and running mate, Rabiu Musa Kwankwaso, are committed to addressing what it described as the erosion of Nigeria’s commonwealth through excessive borrowing and alleged poor management of public resources. The party made the position known in a statement by the Spokesperson of its National Presidential Campaign Council, Dr Chiogo Constance Ikokwu, in reaction to President Bola Tinubu’s criticism of Obi over the erosion menace in Anambra State.

The NDC said the mission of the Obi-Kwankwaso ticket went beyond tackling environmental erosion in Anambra to addressing the country’s fiscal challenges, including rising public debt, inadequate budgetary funding and the management of revenues accruing from the removal of petrol subsidy. It questioned the benefits Nigerians had received from subsidy removal, particularly in view of the Federal Government’s continued borrowing, increased revenue generation and the country’s debt-service-to-revenue ratio.

The party also expressed concern over what it described as inadequate funding of critical public services, particularly healthcare and education, despite increased government revenues. It said the Obi-Kwankwaso ticket would prioritise prudent management of public resources, accountability, productive investments and improvements in citizens’ welfare.

To support its argument, the NDC cited the financial records of Obi and Tinubu during their respective tenures as governors of Anambra and Lagos states. According to the party, Obi left behind investments valued at the equivalent of $500 million, alongside local and foreign currency assets, including $156 million in dollar-denominated bonds, when he left office in 2014.

It also cited figures from the Debt Management Office, which it said put Lagos State’s external debt at approximately $190.43 million at the end of 2007, when Tinubu left office. The NDC further criticised the pension law enacted during Tinubu’s administration in Lagos, which provided lifetime benefits for former governors and their deputies. It listed the benefits as pensions equivalent to 100 per cent of the incumbent governor’s basic salary, houses in Lagos and Abuja, vehicles, furniture and utility allowances, entertainment allowances, free medical care and provisions for domestic staff.

The party contrasted the Lagos arrangement with Anambra, claiming that Obi did not establish a pension scheme for former governors during his tenure. On environmental erosion, the NDC defended Obi’s record in Anambra, saying he helped attract and launch the World Bank-assisted Nigeria Erosion and Watershed Management Project (NEWMAP). It also said his administration introduced drainage requirements for new state roads, ensuring that drainage systems were connected to safe discharge points, while undertaking local flood-control projects in communities including Adazi Nnukwu, Amawbia and Umuoji.

The party added that Obi regularly engaged the Federal Government on the need for ecological intervention funds and accountability in their utilisation. Describing excessive borrowing without corresponding economic benefits as a threat to the country’s financial stability, the NDC cited historical examples of countries that had experienced economic difficulties associated with unsustainable debt and poor fiscal management.

It warned that Nigeria could face similar challenges if the trend was not addressed. The party said its proposed economic approach would focus on responsible borrowing, accountability and investments capable of creating opportunities for Nigerians and improving the welfare of future generations.