Former Governor of Anambra State, Peter Obi, has criticised President Bola Tinubu over Nigeria’s rising debt and called for accountability in the use of borrowed funds under his administration.
Obi stated that President Tinubu’s administration has engaged in what he described as remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately ₦200 trillion.
In a statement titled “Excessive Borrowing Without Accountability: Further Affirmation of Imprudent Governance,” Obi noted that Nigeria’s debt has increased by over ₦100 trillion in just three years. He contrasted this with the roughly ₦49 trillion accumulated during the eight-year tenure of late former President Muhammadu Buhari, which he argued would only have projected to about ₦80 trillion over a similar timeframe.
Obi lamented that, as millions of Nigerians grapple with the shock of this unsustainable debt accumulation, the situation has been worsened by what he described as the government’s reckless approach to borrowing and a profound lack of accountability and transparency in the utilisation of the funds.
Citing data from the Federation’s Budget Office, he disclosed that the Tinubu administration borrowed ₦11.89 trillion in the first three quarters of 2025 (January to September), exceeding the planned borrowing target of ₦10.34 trillion by approximately ₦1.54 trillion.
The presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election argued that, under a responsible and accountable government, such an overshoot would necessitate rigorous scrutiny and explanation from relevant government agencies.
“Regrettably, this is not the reality under the current administration,” he said, stressing that only ₦3.10 trillion of the borrowed funds was allocated to capital expenditure during the same January-September 2025 period.
He emphasised that this constituted just 17.66 per cent of the ₦17.58 trillion earmarked for capital projects, leaving a deficit of approximately ₦14.48 trillion, or 82.34 per cent of planned capital expenditure unfunded.
Obi also expressed dissatisfaction over the lack of information regarding how the remaining borrowed funds were utilised, noting that Nigerians deserve an explanation of what happened to the balance.
“Was it deployed for recurrent expenditure/consumption, for the entertainment of guests to Aso Rock or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund?” he asked.
He reiterated that Nigerians deserve answers regarding how the nation’s economy and resources are being managed.
