Obi seeks transparency in Nigeria’s borrowing, cites S’Africa’s $1bn loan

Peter Obi, a leading presidential candidate for the Nigeria Democratic Congress (NDC) ahead of the 2027 elections, has called for urgent transparency in how Nigeria manages its national debt. He is demanding the Federal Government clearly explain the utilization of the country's increasing borrowings.

Obi pointed to South Africa's recent $1 billion development loan as an example of responsible fiscal management. He highlighted the transparency demonstrated by the South African government in detailing how the funds would be used, contrasting it with what he perceives as a lack of clarity in Nigeria.

The NDC candidate's call underscores concerns about Nigeria's economic stability and governance. As the nation grapples with significant debt, Obi's emphasis on transparency aims to assure citizens and stakeholders about the responsible deployment of borrowed resources, particularly in the lead-up to a major election.