Peter Obi, the 2023 presidential candidate of the Labour Party, has come under fire from Bayo Onanuga, a well-known media personality and special adviser to President Tinubu on information and strategy, for remarks he made recently on Nigeria’s economic downturn.CONTINUE FULL READING>>>>>
Onanuga accused Obi of spreading misleading and half-truth statistics with the ulterior motive of inciting unrest in the country.
On his verified Twitter account, Onanuga questioned the timing of Obi’s economic review, suggesting that Obi’s intent was to work up his supporters and destabilize the nation. He referred to Obi’s critique as a tactic to mobilize a “mob” plotting to cause disruption.
This reaction came after Peter Obi posted a detailed infographic and a statement on his verified Twitter account, highlighting the dramatic economic downturn Nigeria has experienced since 2015. Obi pointed out that Nigeria maintained an average GDP growth of 6.72% from 1999 to 2014, during which it enjoyed robust economic progress. However, he noted that this trajectory was not sustained by the subsequent administration, leading to a significant collapse in GDP growth.
Obi’s infographic showed that Nigeria’s GDP growth dropped to 2.79% in 2015 and further plummeted into a recession with a negative growth of -1.58% in 2016. The recovery in 2017 was modest, with a GDP growth of just 0.82%. Obi lamented that for the past nine years, Nigeria’s economy has seen unprecedented retrogression on many fronts.
He highlighted that in 2014, Nigeria had the largest economy in Africa, with a GDP of $568.5 billion and a GDP per capita of about $3,200. In stark contrast, by 2023, Nigeria’s GDP had shrunk to $375 billion with a per capita income of $1,700. The projections for 2024 estimate a further decline to $253 billion in GDP and a per capita income of $1,087.
Obi’s statement emphasized the deteriorating economic conditions and the significant decline in national prosperity since 2015. He attributed this downturn to the policies of the current administration, suggesting that the hope and prospects for future growth evident in 2014 had been squandered.CONTINUE FULL READING>>>>>