The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticised President Bola Tinubu’s administration over what he described as excessive borrowing and a lack of transparency in the management of public funds.
Obi claimed that Nigeria’s total public debt has climbed to nearly N200 trillion under the current administration, warning that the pace of borrowing was unsustainable and lacked adequate accountability.
In a statement posted on his X account on Tuesday, the former Labour Party presidential candidate said the debt stock had increased by more than N100 trillion in just three years, compared to the roughly N49 trillion accumulated during former President Muhammadu Buhari’s eight years in office.
President Bola Tinubu’s administration has engaged in remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately N200 trillion. This represents an increase of over N100 trillion within a mere three years,” Obi said.
Citing figures from the Budget Office, Obi disclosed that the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding its planned borrowing target of N10.34 trillion by about N1.54 trillion.
According to him, such an overrun should ordinarily trigger scrutiny and explanations from relevant authorities.
Under a responsible and accountable government, such an overshoot would necessitate rigorous scrutiny and explanation from relevant governmental bodies. Regrettably, this is not the reality under the current administration, he said.
The former Anambra State governor further alleged that only N3.10 trillion of the borrowed funds was used for capital expenditure during the period under review.
He noted that the amount represented just 17.66 per cent of the N17.58 trillion earmarked for capital projects, leaving a funding gap of about N14.48 trillion.
Obi questioned how the remaining funds were spent.
The most disturbing aspect of the financial management fiasco under Bola Tinubu is that there is no explanation or information regarding how the balance was utilised or deployed.
“The question Nigerians are asking is simple: what happened to the balance? Was it used for recurrent expenditure, entertainment of guests at Aso Rock, or transferred to the Renewed Hope Agenda 2027 campaign fund?” he queried.
Nigeria has witnessed rising debt pressures since the Tinubu administration introduced major economic reforms in 2023, including the removal of fuel subsidies and the unification of the foreign exchange market.
While the reforms were designed to address long-standing fiscal distortions, they also triggered inflation, exchange-rate volatility and increased the cost of living, raising concerns over the country’s growing debt burden.
President Tinubu had earlier disclosed that Nigeria would spend about $11.6 billion on debt servicing in 2026.
Although supporters of the government argue that borrowings are necessary to fund infrastructure and development projects, critics have warned that the country risks falling into a debt-without-growth trap if fiscal discipline and accountability are not strengthened.
