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How I Would Solve Nigeria’s Economic, Security Challenges – Peter Obi Tells CNN
By Eric Elezuo
The candidate of the Labour Party, Mr. Peter Obi, was on Friday hosted by CNN’s Zain Asher, during a programme, Zain Exchange, where he spoke on his desire to tackle headlong the economic and security challenges of Nigeria if elected the president in 2023.
Zane Asher: Mr. Obi thank you so much for being with us. You’re certainly the most popular presidential candidate among young people in Nigeria, there’s so much momentum behind you. But here’s the problem. Nigerians are used to being disappointed by their leaders, and what do you think about some of the problems that are facing the country right now, they are systemic. I’m talking about the corruption, I’m talking about oil theft, I’m talking about insecurity, I’m talking about the fiscal hole that Nigeria is in right now. Can all of that really be solved by one person?
Peter Obi: Well, if you have a leader that is competent, has the capacity and commitment to start dealing with these challenges, you’re not going to solve it overnight, but there will be a clear, visible, measurable attempt to deal with these. And there is nothing that is not solve-able. Some issues just have to be dealt with decisively. But you need to have a capable leader such that when you look at his past records in office, you can say YES – He is capable.
Zane Asher: If you do, indeed, become Nigeria’s next president, Nigeria you know, is broke. It’s barely able to service its debts. It spends so much more that it earns. What are your plans? From a concrete perspective, what are your plans to take Nigeria’s economy off of life support?
Peter Obi: Well, a variety of things. One, is that we have to deal decisively with the issue of insecurity. It’s impacting negatively on our economy. We have to deal with it head on. We have to get our finances right — and start ensuring that the vast lands of the north are invested in and cultivated. We have to start pulling people out of poverty as quickly as possible. We have to immediately reduce aggressively, the cost of governance, and the issue of corruption.
Zane Asher: Anyone who knows anything about Nigeria knows that it has this embarrassing reputation of importing refined fuel, despite the fact that it’s Africa’s largest oil producer. What is your plan for transforming Nigeria’s economy from a consumption economy to a production economy?
Peter Obi: Let me tell you it’s not the issue of refineries not working — there’s no reason why we should not encourage the private sector to operate refineries. It can be done as quickly as possible. We can today, decide to remove the oil subsidies, and use the resources to invest in and support the principal areas of production; from critical infrastructure to education, to supporting investment in refinery, which will be, done in the shortest amount of time.
Zane Asher: A lot of Nigerian presidents have come in and talked about revitalizing the manufacturing sector, investing in refineries, but change, as you know, has been very, very slow. Why is it going to be different with you and what would you say were the biggest hurdles in making sure that all of the things that you just listed come to pass?
Peter Obi: Well, what people need to do is to look at what I promised as the state governor. When I said was going to turn around education, health, pull people out of poverty, bring sanity and civility in governance — did that happen or not?
When I said we were going to save money, did we do that? Yes, we did.
Zane Asher: I want to talk about one of the major issues that Nigeria is dealing with, grappling with right now. That’s violence and insecurity. You can barely travel from one part of Nigeria to another without fearing for your life. I’m talking about kidnapping. I’m talking about banditry. I’m talking about terrorism, I’m talking about Boko Haram. What is your plan for that?
Peter Obi: Initially, what we first have to deal with is the issue of security. Unless you have security, the farmers can’t — you can’t have investment. Nobody will ever want to put or invest money in an insecure country. So we will deal this issue of insecurity decisively. We will start by reorganizing our security architecture. We will then bring in more hands into the security system, and motivate them properly, so that we can defeat the issue of insecurity . It’s the most important thing that Nigeria needs today.
Zane Asher: You and I are both Nigerians, were are both from southeastern Nigeria. It’s a very hard country to hold together. You have too manage about 200 million people, with so many different tribes, so many different ideas. When you think about the fact that you are from the southeast, how easy is it going to be to rally Nigerians from the north behind you? That’s got to be on your mind?
Peter Obi: That was the situation obtainable in the past. We used to elect leaders based on ethnicity, religion, strong connection etc, and that has brought us to the bad situation we are in today. “Our structure”, the structure of criminality, is what we want to dismantle now. We want to ensure that the next election is based on character, capacity, competence, commitment to do the right thing. Nigeria not just in a fiscal mess, it is at the last stage to collapse. The people in the north don’t have a secure place, they don’t have good roads. They don’t buy bread cheaper than those in the South. They people in the south are facing the same issues. All what you hear about ethnicity, religion, connection, is an elite conspiracy to keep Nigeria undeveloped. But now we’ve reached the edge.
Zane Asher: Thank you for coming on our program.
Peter Obi: Thank you for inviting me.
President Bola Tinubu has assured Nigerians that 2026 will be a more prosperous year for all.
Tinubu stated this in his New Year message on Thursday, adding that his administration would sustain the momentum on its major reforms.
“During 2025, we sustained the momentum on our major reforms. We had a fiscal reset and also recorded steady economic progress.
“Despite persistent global economic headwinds, we recorded tangible and measurable gains, particularly in the economy.
“These achievements reaffirm our belief that the difficult but necessary reforms we embarked upon are moving us in the right direction with more concrete results on the horizon for the ordinary Nigerian,” the President said in the statement he personally signed.
Consolidating gains
Tinubu said that the focus in 2026 would be on consolidating the gains and continuing to build a resilient, sustainable, inclusive, and growth-oriented economy.
According to him, Nigeria closed 2025 on a strong note, as despite the policies to fight inflation, it recorded a robust GDP growth each quarter, with annualised growth expected to exceed four per cent for the year.
Tinubu explained that the nation maintained trade surpluses and achieved greater exchange rate stability while inflation declined steadily and reached below 15 per cent, in line with his administration’s target.
“In 2026, we are determined to reduce inflation further and ensure that the benefits of reform reach every Nigerian household. In 2025, the Nigerian Stock Exchange outperformed its peers, posting a robust 48.12 per cent gain and consolidating its bullish run that began in the second half of 2023.
“Supported by sound monetary policy management, our foreign reserves stood at $45.4 billion as of December 29, 2025, providing a substantial buffer against external shocks for the Naira. We expect this position to strengthen further in the New Year,” he said.
“Foreign direct investment is also responding positively. In the third quarter of 2025, FDI rose to $720 million, up from $90 million in the preceding quarter, reflecting renewed investor confidence in Nigeria’s economic direction, which global credit rating agencies, including Moody’s, Fitch, and Standard & Poor’s, have consistently affirmed and applauded,” Tinubu added.
Tax reforms
The President further assured that with patience, fiscal discipline, and unity of purpose, Nigeria would emerge in 2026 stronger and better positioned for sustained growth.
According to him, as inflation and interest rates moderate, his administration expects increased fiscal space for productive investment in infrastructure and human capital development.
“We are also confronting the challenge of multiple taxation across all tiers of government. I commend states that have aligned with the national tax harmonisation agenda by adopting harmonised tax laws to reduce the excessive burden of taxes, levies, and fees on our people and on basic consumption.
“The new year marks a critical phase in implementing our tax reforms, designed to build a fair, competitive, and robust fiscal foundation for Nigeria.
“By harmonising our tax system, we aim to raise revenue sustainably, address fiscal distortions and strengthen our capacity to finance infrastructure and social investments that will deliver shared prosperity,” he added.
National security
Tinubu said that though the path of reform is never easy, his administration remains mindful that economic progress must be accompanied by security and peace.
“Our nation continues to confront security threats from criminal and terrorist elements determined to disrupt our way of life. In collaboration with international partners, including the United States, decisive actions were taken against terrorist targets in parts of the Northwest on December 24.
“Our Armed Forces have since sustained operations against terror networks and criminal strongholds across the Northwest and Northeast,” he said.
But the President stated that in 2026, Nigeria’s security and intelligence agencies would deepen cooperation with regional and global partners to eliminate all threats to national security.
“We remain committed to protecting lives, property, and the territorial integrity of our country.
“I continue to believe that a decentralised policing system with appropriate safeguards, complemented by properly regulated forest guards, all anchored on accountability, is critical to effectively addressing terrorism, banditry, and related security challenges,” he added.
Investments in infrastructure
The New Year marks the beginning of a more robust phase of economic growth, with tangible improvements in the lives of our people.
Tinubu also said that his government would accelerate the implementation of the Renewed Hope Ward Development Programme, aiming to bring at least 10 million Nigerians into productive economic activity by empowering at least 1,000 people in each of the 8,809 wards across the country.
“Through agriculture, trade, food processing, and mining, we will stimulate local economies and expand grassroots opportunities.
“We will also continue to invest in modernising Nigeria’s infrastructure – roads, power, ports, railways, airports, pipelines, healthcare, education, and agriculture to strengthen food security and improve quality of life. All ongoing projects will continue without interruption,” he said.
He, however, urged Nigerians to play their part to achieve the objectives in 2026 by standing together in unity and purpose, upholding patriotism, and serving the country with honour and integrity in their respective roles.
Let us resolve to be better citizens, better neighbours, and better stewards of our nation.
An Abuja High Court has cleared the way for the implementation of Nigeria’s new tax regime scheduled to commence on January 1, 2026, dismissing a suit seeking to halt the programme.
The ruling gives the Federal government, the Federal Inland Revenue Service (FIRS) and the National Assembly full legal backing to proceed with the take-off of the new tax laws.
The suit was filed by the Incorporated Trustees of African Initiative for Abuse of Public Trustees, which dragged the Federal Republic of Nigeria, the President, the Attorney-General of the Federation, the President of the Senate, Speaker of the House of Representatives and the National Assembly before the court over alleged discrepancies in the recently enacted tax laws.
In an ex-parte motion, the plaintiff sought an interim injunction restraining the Federal Government, FIRS, the National Assembly and related agencies from implementing or enforcing the provisions of the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; Nigeria Revenue Service (Establishment) Act, 2025; and the Joint Revenue Board of Nigeria (Establishment) Act, 2025, pending the determination of the substantive suit.
The group also asked the court to restrain the President from implementing the laws in any part of the federation pending the hearing of its motion on notice.
However, in a ruling delivered on Tuesday, Justice Kawu struck out the application, holding that it lacked merit and failed to establish sufficient legal grounds to warrant the grant of the reliefs sought.
The court ruled that the plaintiffs did not demonstrate how the implementation of the new tax laws would occasion irreparable harm or violate any provision of the Constitution, stressing that matters of fiscal policy and economic reforms fall squarely within the powers of government.
Justice Kawu further held that once a law has been duly enacted and gazetted, any alleged errors or controversies can only be addressed through legislative amendment or a substantive court order, noting that disagreements over tax laws cannot stop the implementation of an existing law.
Consequently, the court affirmed that there was no legal impediment to the commencement of the new tax regime and directed that implementation should proceed as scheduled from January 1, 2026.
The new tax regime is anchored on four landmark tax reform bills signed into law in 2025 as part of the Federal Government’s broader fiscal and economic reform agenda aimed at boosting revenue, simplifying the tax system and reducing leakages.
The laws — the Nigeria Tax Act, 2025, Nigeria Tax Administration Act, 2025, Nigeria Revenue Service (Establishment) Act, 2025, and the Joint Revenue Board of Nigeria (Establishment) Act, 2025 — consolidate and replace several existing tax statutes, including laws governing companies income tax, personal income tax, value added tax, capital gains tax and stamp duties.
Key elements of the reforms include the harmonisation of multiple taxes into a more streamlined framework, expansion of the tax base, protection for low-income earners and small businesses, and the introduction of modern, technology-driven tax administration systems such as digital filing and electronic compliance monitoring.
The reforms also provide for the restructuring of federal tax administration, including the creation of the Nigeria Revenue Service, to strengthen efficiency, coordination and revenue collection across government levels.
While the Federal government has described the reforms as critical to stabilising public finances and funding infrastructure and social services, the laws have generated intense public debate, with some civil society groups and political actors alleging discrepancies between the versions passed by the National Assembly and those later gazetted.
These concerns sparked calls for suspension, re-gazetting and legal action, culminating in the suit dismissed by the Abuja High Court.
Reacting to the judgment, stakeholders described the ruling as a major boost for the reforms, saying it has removed all legal obstacles that could have delayed the implementation of the new tax framework.
Former governor of Anambra State, presidential candidate of the Labour Party (LP) in the 2023 election, Mr. Peter Obi, has officially defected to the coalition-backed African Democratic Congress (ADC).
Obi announced the decision on Tuesday at an event held at the Nike Lake Resort, Enugu.
“We are ending this year with the hope that in 2026 we will begin a rescue journey,” Obi said.
The National Chairman of the ADC, David Mark, was among the attendees.
