Former Anambra State governor and 2023 Labour Party presidential candidate, Peter Obi, has accused the All Progressives Congress (APC) of eroding Nigeria’s promise and potential under its leadership.

Speaking at a press conference on Wednesday in Abuja to mark Nigeria’s 65th Independence anniversary, Obi said the country, once a beacon of hope in Africa, has been gravely diminished in the last decade.

“In 1999, we overcame military dictatorship and restored democracy, beginning a renewed journey towards prosperity, freedom, and justice. That journey helped us build Africa’s largest economy and strengthen democratic institutions. But over the last decade, under the APC’s incompetent, divisive, and corrupt leadership, Nigeria has been greatly diminished,” Obi said.

He recalled that at independence in 1960, Nigeria was positioned to be not only Africa’s giant but also a global economic powerhouse.

Obi criticised current government policies, accusing them of plunging more than 15 million Nigerians below the poverty line within its first year in office, while still enforcing a burdensome tax regime that gives citizens little in return.

“Today, the picture is bleak. Our total debt stands at about ₦175 trillion, nearly 50 percent of GDP, without any improvement in productive sectors. Nigeria has fallen to the fourth-largest economy in Africa, behind South Africa, Egypt, and Algeria. Our democracy is now described as ‘undemocratic’,” he lamented.

He further accused the APC-led government of reckless borrowing, extravagant spending, and indifference to the suffering of ordinary citizens.

“In just one year, this administration pushed over 15 million Nigerians into acute poverty. Today, more than 150 million Nigerians lack access to basic healthcare, education, water, and sanitation. This number grows daily under an APC government that pursues brutal revenue-driven policies while ignoring the welfare of its people. Nigeria now ranks among the lowest in the world on human development indicators,” Obi said.

He condemned the government’s expenditure on luxury, noting: “Billions are spent on new presidential jets, yachts, and luxury cars that cost more than the entire 2024 budget for primary healthcare.”

On insecurity, Obi alleged that billions of naira had been paid in ransom, with Nigerians increasingly unsafe due to what he described as a lack of leadership and direction.

Nonetheless, he expressed confidence that Nigeria could overcome its challenges with competent, people-centred leadership, citing success stories from countries such as Indonesia, Bangladesh, and India.

“The current administration’s failures must not lead us to despair. They should instead fuel our determination to rebuild. Nigeria has the resources, talent, and resilience to become an industrialised nation in record time. With the right leadership, we can defeat terrorism, restore security, and guarantee Nigerians safe communities where enterprise and social life can thrive. We must end a system where leaders feast while the people starve, where politics enriches a few and impoverishes the many,” Obi said.

He concluded that the “old politics must end” and give way to a “new politics of prosperity for all.”

In his Independence Day broadcast, however, President Bola Tinubu assured Nigerians that with his administration’s reforms, “the worst is over”, declaring that “Nigeria has finally turned the corner.”