Peter Obi Criticises Borrowing Trend, Seeks Details on Debt Utilisation
Peter Obi, the 2027 presidential candidate of the Nigeria Democratic Congress (NDC), has called on President Bola Ahmed Tinubu to account for what he described as the rapid increase in Nigeria’s public debt, which he put at about ₦200 trillion under the current administration. Obi made the claim in a statement shared on his verified X account on Tuesday, where he criticised the federal government’s borrowing pattern and questioned how the funds were being utilised. He alleged that Nigeria’s debt stock has risen by more than ₦100 trillion within three years, compared to the ₦49 trillion accumulated over eight years under former President Muhammadu Buhari. According to him, the scale and pace of borrowing under the Tinubu administration raise serious concerns, especially at a time when many Nigerians are facing economic hardship, inflation, and declining purchasing power. Obi also referenced figures he attributed to the Budget Office of the Federation, claiming that the federal government borrowed ₦11.89 trillion between January and September 2025, a figure he said exceeded the ₦10.34 trillion borrowing target for the period. He argued that the overshoot should ordinarily prompt public scrutiny and clear explanations from government authorities on how the funds were deployed.
The former Anambra State governor further claimed that only a small portion of the borrowed funds—about ₦3.10 trillion—was allocated to capital projects within the same period, raising concerns about what happened to the remaining balance. He described the situation as a major accountability gap, insisting that Nigerians deserve full disclosure on how borrowed funds are spent. Obi urged the federal government to provide a detailed breakdown of the utilisation of loans obtained under its watch, stressing that transparency in public finance is essential for public trust. He also questioned what he termed the lack of clarity surrounding the deployment of the remaining funds, saying citizens are entitled to know how national resources are managed. As of the time of filing this report, the Presidency had not issued an official response to the allegations. Meanwhile, developments within the Nigeria Democratic Congress (NDC) indicate that the party’s national leadership has intervened in internal tensions in its Kano State chapter following a meeting with leaders of the Kwankwasiya movement.
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