ABUJA, Nigeria – Former presidential candidate and Labour Party leader, Peter Obi, has criticised the Federal Government’s borrowing practices, describing the country’s growing debt profile as evidence of what he termed imprudent fiscal management and a lack of accountability.
In a statement released on Wednesday, Obi expressed concern over the rapid increase in Nigeria’s public debt under the administration of President Bola Ahmed Tinubu, which he claimed has risen to approximately N200 trillion within three years.
According to Obi, the increase represents more than N100 trillion in additional debt since 2023, a development he described as alarming given the country’s current economic challenges.
The former Anambra State governor argued that the pace of borrowing under the current administration has outstripped previous trends, raising concerns about sustainability and the long-term impact on Nigeria’s economy.
Borrowing Targets Exceeded
Citing figures from the Federation’s Budget Office, Obi stated that the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding its planned borrowing target of N10.34 trillion by approximately N1.54 trillion.
He argued that such an overshoot should ordinarily attract public scrutiny and detailed explanations from government agencies responsible for fiscal management.
Capital Expenditure Concerns
Obi also questioned the utilisation of the borrowed funds, noting that only N3.10 trillion was reportedly allocated to capital expenditure during the first three quarters of 2025.
According to him, the amount represented just 17.66 per cent of the N17.58 trillion budgeted for capital projects during the same period, leaving a substantial funding gap.
The Labour Party leader said the lack of clarity regarding how the remaining funds were spent has heightened concerns about transparency and accountability in public finance management.
Call for Accountability
“The question Nigerians are rightly asking is what happened to the balance?” Obi said, calling on the government to provide a comprehensive account of how borrowed funds have been utilised.
He maintained that citizens deserve full disclosure on the management of public resources, especially at a time when many Nigerians are facing economic hardship, rising living costs, and declining purchasing power.
Call for Fiscal Discipline
Obi further urged the administration to adopt greater fiscal discipline and ensure that future borrowing is tied to productive investments capable of generating economic growth and improving living standards.
While expressing concern over the current state of the economy, he reiterated his belief that Nigeria can achieve sustainable growth through responsible governance, transparency, and prudent management of national resources.
“A New and Productive Nigeria is Possible, and Nigeria will be OK,” he stated.
