The 2027 presidential candidate of the Nigeria Democratic Congress, Peter Obi, has criticised President Bola Tinubu’s administration over what he described as excessive borrowing and poor fiscal accountability, alleging that Nigeria’s debt profile has reached about N200 trillion.
In a statement shared on his X handle on Tuesday, Obi said the country’s debt stock has increased by over N100 trillion within three years, contrasting it with the approximately N49 trillion accumulated during the eight-year administration of former President Muhammadu Buhari.
According to him, the rapid rise in borrowing reflects what he termed “imprudent governance” and a lack of transparency in how public funds are managed.
Obi argued that the current debt trajectory raises serious concerns about fiscal discipline and accountability in government spending.
He also referenced figures from the Budget Office, claiming that the federal government borrowed about N11.89 trillion within the first three quarters of 2025 (January to September), exceeding its projected borrowing target of N10.34 trillion by approximately N1.54 trillion.
He said such an overshoot should ordinarily attract scrutiny and a clear explanation from relevant authorities.
Obi further claimed that only N3.10 trillion of the borrowed funds was allocated to capital expenditure within the same period, representing about 17.66 per cent of the N17.58 trillion earmarked for capital projects, leaving a significant funding gap.
He questioned how the remaining borrowed funds were utilised, alleging that there has been no clear public explanation regarding their deployment.
“The most disturbing aspect is that there is no clear information on how the balance was used,” he said, calling for greater transparency in public finance management.
Obi also criticised what he described as a lack of accountability in the handling of national resources, urging the government to provide detailed explanations to Nigerians on how borrowed funds are spent.
Nigeria’s debt profile has continued to rise amid ongoing economic reforms introduced by the Tinubu administration since 2023, including fuel subsidy removal and foreign exchange market unification.
While the government maintains that borrowing is necessary for infrastructure development and economic stability, critics have raised concerns about rising debt servicing costs and limited visible impact on capital projects.
The administration has also projected significant debt servicing obligations in the coming years, further intensifying public debate over the sustainability of Nigeria’s fiscal position.
