Former Labour Party presidential candidate, Peter Obi, has accused the ruling All Progressives Congress (APC) of dismantling the achievements of past administrations and plunging Nigeria deeper into economic and social decline.

Obi made the remarks in Abuja on Wednesday during activities marking Nigeria’s 65th Independence Anniversary.

He recalled Nigeria’s independence in 1960, describing it as a moment of global optimism when the country was projected to emerge as a continental leader. He said the return to democracy in 1999 revived that hope, with subsequent Peoples Democratic Party (PDP) administrations securing debt relief, growing Africa’s largest economy, and strengthening institutions.

“But over the last decade, under the APC’s incompetent, divisive, and corrupt leadership, Nigeria has been greatly diminished,” Obi said.

Citing economic indicators, Obi lamented that Nigeria’s external debt had ballooned from about ₦2.5 trillion in 2007—10 percent of GDP after debt forgiveness under President Olusegun Obasanjo—to about ₦175 trillion today, nearly 50 percent of GDP. He noted that Nigeria, once Africa’s largest economy, now trails South Africa, Egypt, and Algeria.

He added that in just one year, the APC-led government has pushed over 15 million Nigerians into acute poverty, while more than 150 million citizens lack access to basic healthcare, education, clean water, and sanitation. “Our democracy is now described as undemocratic,” he said.

Obi criticised what he described as reckless borrowing and extravagant spending, pointing to billions spent on jets, luxury cars, and renovations, while key sectors like healthcare and education remain underfunded. He accused the government of “taxing struggling citizens and small businesses heavily, while indulging in extravagance.”

On insecurity, Obi said Nigeria has become “one of the most terrorised and unsafe nations in the world,” with kidnappings rampant and billions paid in ransom. Cronyism, corruption, and poor security management, he argued, have scared away investors and crippled the economy.

Despite this bleak picture, Obi insisted that Nigeria retains the capacity to recover, provided it embraces competent, compassionate, and committed leadership. He urged investments in human capital, infrastructure, prudent economic management, and the rule of law.

“We should learn from nations like China, India, Indonesia, and Bangladesh, which turned around their economies through disciplined, people-centred leadership. Nigeria, too, can rebound—but only if we exit the path of incompetence and fiscal irresponsibility,” he said.

Concluding, Obi stressed that the failures of the present government should fuel determination rather than despair: “Against all odds, we will return Nigeria to the path of prosperity and justice. Nigeria will rise again.”