Borrowing under Tinubu administration very strategic – APC tells Obi

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According to Lagos State’s All Progressives Congress, APC, borrowing under President Bola Tinubu’s administration is intended to finance growth by constructing vital infrastructure.

In a statement headed “Peter Obi’s Borrowing Hypocrisy: Physician, Heal Thyself,” released Thursday, Lagos APC spokesman Mr. Seye Oladejo criticized the 2023 Labour Party presidential candidate for criticizing Tinubu’s borrowings.

According to ZINGTIE, the former governor of Anambra had urged accountants to challenge the Tinubu-led Federal Government over what he described as “reckless borrowings.”

Given that “as topics bordering on finance, economy, development, and social policy remain his enduring handicap.” Oladejo counseled Obi to capitalize on his political skills.

He claims that the current administration’s borrowing is strategic and linked to funding and initiatives in productive areas.

“First, borrowing is not inherently reckless. What matters is purpose and prudence.

“Under President Bola Ahmed Tinubu, borrowing is strategic, tied to critical infrastructure, energy, transportation, and productive sectors.

“This is the globally accepted practice-even the most advanced economies borrow to fund growth.

“Second, Peter Obi has no moral authority to lecture anyone about prudence.

“Nigerians remember that as governor, he left behind unpaid pensions, collapsing infrastructure, and poor human capital indices,” Oladejo said.

He claimed that Obi had continuously exhibited excessive inclinations and that it was contradictory for him to be preaching about wise resource management.

“For someone who flew around the world in private jets during his campaign while sermonising about cutting costs, the contradictions are glaring,” he said.

In contrast to Obi’s motivational-speech politics, he claims Tinubu is resetting the economy with decisive, essential measures.

“Subsidy removal, currency reforms, and targeted borrowing are difficult but inevitable measures to secure Nigeria’s future. This is leadership in action – not empty moralising,” he added

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