The All Progressives Congress (APC) has responded to recent statements from Peter Obi, the 2023 Labour Party presidential candidate, concerning Nigeria’s economic management under President Bola Ahmed Tinubu.
In its response, the APC claimed that the Tinubu administration has successfully lowered the debt servicing ratio from 90% to 64%.
A statement from APC’s National Publicity Secretary, Felix Morka, accused Obi of spreading outdated and misleading information about Nigeria’s current debt situation.
The statement highlighted, “Eighteen months into President Bola Ahmed Tinubu’s tenure, the economy has shown consistent progress, including significant trade surpluses, trillions generated in stock market wealth, a rise in foreign direct investments due to increased confidence in the economy, improved foreign reserves, and a substantial decrease in the debt servicing ratio from 90% to approximately 64%.
Additionally, the APC emphasized higher incomes for farmers, increased federal allocations to states and local governments, and robust efforts to reduce financial leakages while enhancing the nation’s revenue base. The statement also noted the revival of the Port-Harcourt and Warri refineries, improved oil production, and a positive shift in the security landscape marked by the defeat of terrorist leaders.
The APC concluded by underscoring its commitment to achieving the administration’s ambitious goal of transforming Nigeria into a $1 trillion economy through various strategic measures.
