Former presidential candidate of the Labour Party, Peter Obi, has criticised the borrowing pattern of the current administration, warning that Nigeria’s rising debt profile reflects what he described as “imprudent governance” and weak fiscal accountability.
In a statement shared on social media, Obi alleged that the administration of President Bola Tinubu has significantly increased Nigeria’s total public debt, claiming it has risen to about N200 trillion, with over N100 trillion added within three years. He contrasted this with what he said was a lower accumulation of debt during the previous administration.
Citing figures he attributed to the Federation’s Budget Office, Obi further claimed that the government borrowed N11.89 trillion in the first three quarters of 2025, exceeding its projected borrowing target of N10.34 trillion. He argued that such an overshoot should ordinarily trigger stricter public scrutiny and explanation from fiscal authorities.
The former governor also raised concerns over capital project funding, alleging that only N3.10 trillion of the borrowed funds was spent on capital expenditure within the January–September 2025 period, representing a small fraction of the budgeted allocation. According to him, this raises questions about the utilisation of the remaining funds.
He questioned what he described as a lack of transparency in how the balance of borrowed funds was deployed, suggesting that Nigerians deserve clear accountability on whether the funds were directed toward recurrent spending or other government priorities.
Obi concluded by insisting that despite the current economic challenges, “a new and productive Nigeria is possible,” reaffirming his call for improved fiscal discipline and transparency in public finance management.
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