Former Labour Party presidential candidate and 2027 Nigeria Democratic Congress presidential hopeful, Peter Obi, has criticised the administration of President Bola Tinubu over what he described as excessive borrowing and inadequate accountability in the management of public funds.
In a statement shared on his social media platform on Tuesday, Obi expressed concern over Nigeria’s growing debt profile, claiming that the country’s total public debt has climbed to approximately ₦200 trillion under the current administration.
According to him, the debt stock has increased by more than ₦100 trillion within three years. He contrasted this figure with the debt accumulated during the eight-year administration of former President Muhammadu Buhari, which he estimated at about ₦49 trillion.
Obi argued that the rapid increase in borrowing reflects poor fiscal management and a lack of transparency regarding how the funds are being utilised.
Referencing Budget Office figures, he stated that the federal government borrowed ₦11.89 trillion between January and September 2025, surpassing its projected borrowing target of ₦10.34 trillion by about ₦1.54 trillion. He maintained that such a significant deviation should ordinarily prompt detailed explanations and scrutiny from the relevant authorities.
The former Anambra State governor further claimed that only ₦3.10 trillion of the borrowed funds was channelled into capital projects during the same period. He noted that this represented just 17.66 per cent of the ₦17.58 trillion allocated for capital expenditure, leaving a funding gap of approximately ₦14.48 trillion.
Obi questioned how the remaining funds were spent, insisting that Nigerians deserve a clear account of the utilisation of public resources.
He also raised concerns about whether the funds were used for recurrent expenditure or other purposes outside capital development, stressing that transparency remains essential in public finance management.
Nigeria’s debt burden has continued to attract attention since the Tinubu administration introduced major economic reforms in 2023, including the removal of fuel subsidies and reforms in the foreign exchange market. While supporters of the government argue that borrowing is necessary to fund infrastructure and economic development, critics warn that the country may be heading towards a debt trap if the borrowed funds do not translate into sustainable economic growth.
President Tinubu had earlier disclosed that Nigeria is expected to spend about $11.6 billion on debt servicing in 2026, further highlighting concerns about the country’s rising financial obligations.
