Opposition Leader Obi Slams Tinubu Over Escalating National Debt

Peter Obi, the Presidential candidate of the Labour Party in the 2023 elections, has strongly criticized the borrowing patterns of President Bola Tinubu’s administration. He labeled the borrowing as excessive and voiced deep concern over what he perceives as a significant lack of accountability and transparency in the management of Nigeria's public funds. In a statement released on his verified social media accounts, Obi alleged a dramatic increase in the country’s total debt, which he claimed had reached approximately N200 trillion, indicating an increase of over N100 trillion within just three years.

Obi highlighted that Nigeria’s total public debt has risen sharply under the current administration, arguing that such a rapid pace of debt accumulation demands greater public explanation, especially in the face of prevailing economic challenges. He drew a contrast with the debt profile under former President Muhammadu Buhari, which he stated stood at about N49 trillion after eight years in office, projecting that it would have reached around N80 trillion under comparable conditions. Obi contended that the rapid rise in borrowing under the current leadership has generated serious concerns regarding sustainability and the effective deployment of the borrowed funds.

Beyond the sheer volume of borrowing, Obi emphasized that the primary concern remains the insufficient accountability regarding how these resources are being utilized. Citing figures he attributed to the Federation Budget Office, Obi claimed that the Federal Government borrowed N11.89 trillion during the first three quarters of 2025 (January to September). According to him, this amount exceeded the government’s planned borrowing target of N10.34 trillion by approximately N1.54 trillion. The former Anambra State governor asserted that in a responsible and accountable system of governance, exceeding an approved borrowing threshold should invariably trigger detailed public explanations and close scrutiny by relevant institutions, a level of accountability he lamented had been absent.

Obi further raised concerns about the specific allocation of the borrowed funds, alleging that only N3.10 trillion of the total amount borrowed during the period under review was directed towards capital expenditure. He stated that this figure represented a mere 17.66 percent of the N17.58 trillion earmarked for capital projects during the same period, leading to a substantial funding shortfall of approximately N14.48 trillion, which accounts for 82.34 percent of the planned capital expenditure. Obi questioned the utilization of the remaining funds, insisting that Nigerians deserve comprehensive explanations regarding the government's spending priorities. He argued that public borrowing must yield visible developmental outcomes and affirmed that citizens possess the inherent right to know precisely how public resources are managed. “The most disturbing aspect of the financial management situation is that there is no explanation or information regarding how the balance was utilised or deployed,” Obi stated, reiterating that Nigerians deserve answers on the management of national resources and advocating for greater openness in fiscal governance.