The All Progressives Congress (APC) in Lagos State has defended the borrowing policy of President Bola Ahmed Tinubu’s administration, insisting it is a deliberate and carefully designed approach linked to critical infrastructure, in response to accusations of fiscal recklessness by the 2023 Labour Party presidential candidate, Mr Peter Obi.
In a statement issued on Thursday, the APC Publicity Secretary in Lagos, Mr Seye Oladejo, criticised Obi for what he described as hypocrisy, arguing that the former Anambra governor lacked the moral standing to fault the government’s borrowing strategy.
Oladejo explained: “Borrowing is not inherently reckless. What matters is purpose and prudence. Under President Bola Ahmed Tinubu, borrowing is deliberate, connected to critical infrastructure, energy, transportation, and productive sectors. This is a globally accepted practice, as even advanced economies rely on borrowing to stimulate growth.”
He dismissed Obi’s comments as hollow moralising and claimed that his record as governor revealed contradictions in his public pronouncements.
“Nigerians remember that as governor, he left behind unpaid pensions, crumbling infrastructure, and poor human capital indices. For someone who flew around the world in private jets during his campaign while preaching about cutting costs, the contradictions are glaring,” he remarked.
The APC stated that Tinubu was taking bold, difficult but necessary steps to restructure the economy.
“Subsidy removal, currency reforms, and targeted borrowing are tough but unavoidable measures to safeguard Nigeria’s future. This is leadership in practice, not motivational-speech politics,” Oladejo added.
He called on Obi to step aside from economic commentary, declaring: “Tinubu is building Nigeria’s future, while Obi is busy building sound bites. One is a reformer, the other a motivational speaker. Nigerians know the difference.”
