Obi, Fresh from Benin Gun Attack, Slams Nigeria’s ‘Debt Without Growth’ Crisis

By Peter Salami
Unidentified gunmen on Tuesday attacked the convoy of Mr. Peter Obi, the 2023 presidential candidate of the Labour Party and a leading figure in the African Democratic Congress (ADC), as he visited the residence of former Edo State Governor, Chief John Odigie-Oyegun, in Edo State.

The assailants reportedly trailed Obi’s convoy and opened fire as it approached Oyegun’s home. According to a statement issued by Peter Obi Media Reach (POMR), several cartridges were discharged during the attack. The organisation confirmed that Obi and other ADC leaders present at the scene were unharmed.

POMR said it had received numerous inquiries from concerned Nigerians and members of the international community regarding Obi’s safety and assured supporters that he remained safe. In a brief address after the incident, Obi displayed cartridges allegedly used by the attackers and expressed disappointment that such violence could occur at the residence of a respected elder statesman like Oyegun.

The media office also recalled remarks reportedly made in July 2025 by Edo State Governor Monday Okpebholo cautioning Obi against entering the state without prior notice…Comments that were later denied. POMR described the development as troubling and reiterated that, under Section 41 of Nigeria’s Constitution, every citizen has the right to free movement and association.

Meanwhile, Obi has raised fresh concerns over Nigeria’s growing debt profile, warning that borrowing without corresponding economic growth is worsening the country’s financial position. Reacting via his verified X (formerly Twitter) account to reports that Nigeria is now the World Bank’s third-largest debtor at approximately $18.7 billion, behind Bangladesh at about $23 billion, Obi argued that borrowing is not inherently problematic if properly utilised.

“There’s nothing inherently wrong with borrowing,” he stated. “Debt becomes a problem only when it finances consumption, inefficiency, or corruption rather than productive investment.”

Drawing a comparison with Bangladesh, Obi noted that around 2015, the Asian country’s nominal GDP stood at roughly $195 billion, with per capita income slightly above $1,200. By 2024–2025, he said, its GDP had expanded to between $460 billion and $500 billion, while per capita income rose to about $2,700, attributing the growth to investments in manufacturing, textiles, energy, and human capital.

In contrast, Obi said Nigeria’s economy has weakened significantly over the same period. He recalled that in 2015 Nigeria’s GDP was about $490 billion, with per capita income between $2,600 and $2,700. Today, he noted, GDP has reportedly fallen below $250 billion, while per capita income is estimated between $850 and $1,000.

He blamed weak productivity growth, currency instability, structural inefficiencies, and corruption for the decline, stressing that the key issue is not the size of borrowing but how borrowed funds are deployed.

“Debt tied to infrastructure, industry, and human development fuels growth. Debt tied to consumption, leakages, and corruption deepens stagnation,” Obi said, expressing optimism that Nigeria can chart a new course where loans, if taken, are channelled toward productive sectors capable of driving sustainable economic expansion.