Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticised the borrowing pattern of the administration of Bola Ahmed Tinubu, claiming that Nigeria’s debt profile has expanded significantly within the last three years.
In a statement issued on Tuesday, June 9, Obi expressed concern over what he described as an alarming increase in the nation’s debt burden. He argued that the current administration has accumulated more debt in three years than the amount borrowed during the eight-year tenure of former President Muhammadu Buhari.
According to Obi, Nigeria’s total public debt has climbed to nearly N200 trillion, representing an increase of more than N100 trillion since Tinubu assumed office. He said the pace of borrowing raises serious questions about fiscal discipline and the management of public finances.
The former Labour Party presidential candidate stated that available figures from the Federation’s Budget Office showed that the federal government borrowed N11.89 trillion between January and September 2025. He noted that the amount exceeded the government’s projected borrowing target of N10.34 trillion by approximately N1.54 trillion.
Obi argued that in a system with strong accountability mechanisms, surpassing approved borrowing limits would trigger detailed explanations and oversight from relevant government institutions.
He, however, maintained that such scrutiny has been lacking.
He further pointed to government expenditure records, claiming that only N3.10 trillion of the borrowed funds during the first nine months of 2025 was directed toward capital projects.
According to him, this represented just 17.66 per cent of the N17.58 trillion budgeted for capital expenditure, leaving a funding gap of more than N14 trillion.
The opposition figure questioned how the remaining borrowed funds were utilised, insisting that Nigerians deserve greater transparency regarding government spending.
He called for clear explanations on the deployment of public loans and urged authorities to provide detailed accounts of how the borrowed resources have been managed.
Obi said concerns about debt sustainability continue to grow as citizens face economic challenges, stressing that public borrowing should be accompanied by accountability, transparency, and investments capable of driving economic growth and improving infrastructure.
His remarks add to the ongoing debate over Nigeria’s debt profile, government spending priorities, and the long-term impact of borrowing on the country’s economy.
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