Peter Obi Questions Economic Reforms, Says Ordinary Nigerians Are Yet to Feel the Benefits

Pesidential candidate Peter Obi renewed criticism of Nigeria’s economic conditions on Monday, October 12, 2026, arguing that improvements reported in some economic indicators do not translate into better living standards for ordinary citizens. The former Anambra State governor and presidential candidate of the Nigeria Democratic Congress (NDC) made the remarks in a statement titled Celebrating Microeconomic Stability Amidst Increasing Poverty, published on his official X account. His criticism followed the World Bank’s October 2026 Africa Economic Update, which revised Nigeria’s GDP growth outlook to 4.3% in 2026 compared to 4.0% in 2025. Obi challenged the World Bank’s assessment that Nigeria’s economy is stabilizing, saying: So-called ‘economic stability’ has not resulted in higher living standards, improved employment opportunities, and reduction of poverty and inequality across Nigeria,” An economy is not truly stabilized simply because government revenue increases, foreign reserves strengthen, or GDP grows. Stability exists when citizens can afford food, obtain healthcare, provide education for their children, and live with dignity, He added:“The World Bank’s assessment should compel this government to review its reform and focus attention on the welfare of Nigerians and not indulge in unfounded self-congratulation. The true test is whether Nigerians are eating better, living better, and escaping poverty. The definitive measure of economic success is not the apparent stability of the economy on paper, but the quality of people’s lives.”What He Blamed. In the same statement cycle, Obi attributed current hardship to President Bola Tinubu administration’s key reforms, including the removal of fuel subsidy, floating of the Naira, and tax reforms, saying they had contributed to increasing prices of goods and services, business closures and declining living standards. Economic performance is commonly assessed through GDP growth, inflation, foreign exchange conditions and government revenue. However, Obi argued that these figures do not reflect the financial circumstances of households. For many Nigerians, the immediate measures of wellbeing remain the price of food, transportation, rent, school fees, healthcare and employment. The Tinubu administration has pursued fuel pricing and foreign exchange reforms. Supporters argue they can create conditions for longer-term growth, while critics argue the immediate costs require stronger social protection. Obi urged the Federal Government to prioritise policies that deliver measurable improvements in welfare rather than relying on favourable statistics.