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🇳🇬 Nigeria /Economy & Trade

Obi faults Tinubu’s revenue claims, says debt, hardship rising

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Peter Obi criticizes President Tinubu's administration, stating that despite reported revenue increases, Nigerians face worsening economic hardship.
  • Obi claims Nigeria's total debt has surged to approximately N200 trillion due to "excessive and imprudent borrowing."
  • He argues that key socio-economic indicators like poverty and unemployment have worsened, questioning the management of public resources.

Presidential candidate Peter Obi has sharply criticized President Bola Tinubu's administration, asserting that Nigerians are experiencing escalating economic hardship despite reported increases in government revenue. Obi pointed to Tinubu's claim of revenue rising from N16.8 trillion in 2022 to N35 trillion in 2025 as an achievement, but countered that this has been accompanied by "excessive and imprudent borrowing."

In just three years, President Bola Tinubu’s government seems to be obsessed with excessive and imprudent borrowing, with our total debt currently about N200 trillion, a deeply disturbing increase of over N100 trillion.

— Peter ObiCriticizing the administration's borrowing practices and the resulting national debt.

Obi stated that Nigeria's total debt has ballooned to approximately N200 trillion, an increase of over N100 trillion in just three years. He expressed alarm that instead of reducing borrowing alongside revenue growth, the administration has engaged in what he described as "obsessed" and "imprudent" debt accumulation. Obi attributed the higher-than-budgeted revenue inflows partly to global and regional geopolitical tensions.

Furthermore, Obi claimed that critical socio-economic indicators have deteriorated significantly. He alleged that multidimensional poverty has jumped from 87 million people in 2023 to over 140 million in 2025, while unemployment has risen and GDP per capita has fallen from $1,597 in 2023 to $1,223 in 2025. "Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio-economic and governance indicators are worse than in 2023," he stated, posing the question, "Where did all the money go?"

Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio-economic and governance indicators are worse than in 2023.

— Peter ObiHighlighting the worsening socio-economic conditions despite increased revenue and debt.

Obi called for a detailed and transparent explanation of Nigeria's economic and financial management since 2023. He urged an end to what he termed "imprudent, unaccountable, and opaque management" of public resources. This statement follows a similar critique on Tuesday where Obi highlighted the N200tn debt figure, contrasting it with the approximately N49tn accumulated during the eight-year administration of former President Muhammadu Buhari. The Presidency has dismissed Obi's claims, arguing that a substantial portion of the debt predates the current administration and that inherited debts, such as Ways and Means, have been securitized.

Where did all the money go?

— Peter ObiQuestioning the management and allocation of public funds.
DistantNews Editorial

Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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