Obi slams Tinubu over rising debt, says N200tn borrowed without accountability

Peter Obi, the 2027 presidential candidate for the Nigeria Democratic Congress, has strongly criticized President Bola Tinubu's administration for what he terms "remarkably imprudent borrowing." Obi stated on Tuesday that Nigeria's total public debt has surged to approximately N200 trillion, an increase of over N100 trillion in just three years.

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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, a stark contrast to the roughly N49 trillion accumulated during President Muhammadu Buhari’s eight-year tenure, which would have projected to around N80 trillion.

He contrasted this figure with the roughly N49 trillion accumulated during former President Muhammadu Buhari's eight-year tenure, which he projected would have reached around N80 trillion. Obi expressed concern that this unsustainable debt accumulation is exacerbated by a "reckless approach to borrowing" and a "profound absence of accountability and transparency" in how the funds are used.

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As millions of Nigerians grapple with the shock of this unsustainable debt accumulation, the situation is exacerbated by the government’s reckless approach to borrowing and a profound absence of accountability and transparency in the utilisation of these funds.

Citing figures from the Budget Office, Obi highlighted that the government borrowed N11.89 trillion in the first three quarters of 2025, exceeding its target by N1.54 trillion. He argued that such an overshoot should normally trigger scrutiny and require explanations from relevant authorities, a process he claims is absent under the current administration.

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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.

Obi further pointed out that only N3.10 trillion of the borrowed funds during that period was allocated to capital expenditure, representing a mere 17.66 percent of the N17.58 trillion earmarked for such projects. This leaves a substantial funding gap of approximately N14.48 trillion. He questioned the utilization of the remaining funds, asking what happened to the balance and whether it was used for recurrent expenditure or consumption.

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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.