The 2023 presidential candidate of the Labour Party (LP), Mr. Peter Obi, has condemned the Federal Government’s plans to borrow ₦17.89 trillion to fund the 2026 budget.
The borrowing proposal was contained in the 2026 Abridged Budget Call Circular issued by the Federal Ministry of Budget and Economic Planning.
Reacting to the development on Friday, Obi expressed deep dissatisfaction, stating that the plan comes at a time when debt servicing alone is projected to consume nearly half of the nation’s revenue, and when Nigeria’s borrowing requirements have surged by more than 72%.
“At a time when Nigerians are struggling under unprecedented hardship, insecurity, and unemployment, we must ask the most important and logical questions: Where is the revenue from 2025? How can we be discussing trillions in new borrowing for 2026 when we are still implementing the 2024 budget?” he queried.
Obi also expressed concern that the proposed fresh loan clearly suggests that the 2025 budget remains largely “untouched and unimplemented.”
“So, where are all the revenues that accrued in 2025, even when we were told that we had surpassed the revenue targets since August?” he further questioned.
The former Anambra State governor stressed the need for Nigeria to put an end to what he described as “fiscal rascality”, especially the pattern of uncontrolled and unexplained borrowing that is not channeled into productive sectors but instead ends up fueling consumption.
Obi lamented that leaders cannot continue mortgaging the future of Nigerian children through thoughtless borrowing, stressing that the nation cannot continue on its current path.
He emphasised that Nigeria cannot borrow its way into prosperity, asserting that no nation develops by consuming more than it produces.
According to him, nations develop by producing, exporting, creating value, and building strong institutions that promote accountability and efficient use of public funds.
“We cannot tell Nigerians that revenue is increasing while simultaneously increasing borrowing to ridiculous historic levels. Governance must be built on transparency, not propaganda,” he said.
He added that a new Nigeria cannot be built on a foundation of misleading figures, rising debts, shrinking production, and persistent hardship, noting that the country must move forward.
