Obi slams APC's bankruptcy claim, emphasizes need for transparent governance

The presidential candidate of the Labour Party in the last general election, Peter Obi has lambasted the ruling All Progressive Congress (APC) on the recent statement that it inherited a bankrucpt economy from the previous administration. Obi, in a post on X platform stated that said the narrative lacked crucial details about the specific conditions that led to the claimed bankruptcy status. The Labour Party candidate, who came third beyond the incumbent President Bola Tinubu in the last election said transparency and strict accountability are essential tenets of responsible governance, urging the government to openly disclose the precise extent of the deficit it inherited. According to him, such transparency is seen as imperative for public awareness of the nation's current status and the trajectory ahead. He recalled that the lamentation of the ruling party echoes a similar scenario in 2015, when the previous APC government accused the Peoples Democratic Party (PDP) administration of not revealing the true nature of what they inherited. Obi stated that ironically, during 8-year of the Mohammadu Buhari led administration, the debt profile surged from N12.6 trillion to N87 trillion in 2023, without marked improvements in development indices such as education, health, poverty eradication, and security. He noted that the prevailing condition of the nation on various development fronts has raised concerns, with the public seeking tangible, measurable steps to address the challenges. While the government highlights the dire state of finances, questions arise about the rationale behind certain expenditures outlined in the recently signed supplementary budget. This revelation further underscores the argument that has gained traction: the need to drastically reduce the high cost of governance, particularly in a financially strained environment. He stressed the importance of directing available resources towards critical development sectors like security, healthcare, education, and poverty eradication, with a focus on addressing youth unemployment rather than non-essential spending. In the face of a declared financial strain, Nigerians anticipate concrete and verifiable actions aimed at improving the nation's overall situation, emphasizing the need for a strategic and efficient allocation of resources. I just read yesterday a widely publicised story from the present APC-led Federal Government saying that they inherited a bankrupt nation from their predecessor APC administration. But the story failed to disclose what they inherited, which qualified us for bankruptcy status. One major characteristic of responsible governance is transparency and strict accountability. This demands that the government disclose exactly the degree of deficit it inherited. What is inherited should be disclosed to enable the public to know where we are and where we are headed. Recall that the previous APC government made a similar claim in 2015 against the PDP administration that handed it over to them without telling the nation what it actually inherited. Rather, they took our debt profile from N12.6 trillion in 2015 to N87 trillion in 2023 when they left office without improving on any indices of development: education, health, poverty eradication, and security. Instead, the condition of the nation on every development index got worse, leading to the present sad state. Nigerians know things are bad, and they experience it daily. What they now want to hear regularly are measurable and verifiable steps to improve the situation. Also, the alarm raised by the government about the bad state of our finances raises questions about the rationale behind some expenditure items in the supplementary budget recently signed into law. “The present revelation also goes to buttress the argument that I have made since electioneering season that the cost of governance is too high and must be drastically reduced. “A bankrupt country should channel every available resource into funding critical development sectors, like security, healthcare, education, and eradication of poverty by addressing youth unemployment, not spending in non-essential areas. “So, what we expect are measurable and verifiable steps to improve the situation,” Obi stated.