Mkpoikana Udoma
Port Harcourt — Presidential candidate of the Nigerian Democratic Congress, NDC, Mr. Peter Obi, has accused the Federal Government of fiscal recklessness, raising concerns over what he described as excessive borrowing without accountability as Nigeria’s public debt approaches N200 trillion.
Obi, in a statement titled “Excessive Borrowing Without Accountability: Further Affirmation of Imprudent Governance,” said the pace of debt accumulation under President Bola Tinubu’s administration was alarming and unsustainable, particularly amid growing economic hardship across the country.
According to him, Nigeria’s total debt stock has risen by over N100 trillion in less than three years, a development he argued has placed an enormous burden on citizens and future generations.
“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 stated.
He contrasted the current debt profile with that of the previous administration, noting that the debt accumulated during former President Muhammadu Buhari’s eight-year tenure stood at about N49 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 said.
The former Anambra State governor questioned the management of borrowed funds, arguing that available government records indicate that a substantial portion of the debt was not directed toward capital projects capable of stimulating economic growth.
Citing figures from the Federation’s Budget Office, Obi said the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding its planned borrowing target of N10.34 trillion.
“Data from the Federation’s Budget Office reveals that the Bola Tinubu government borrowed N11.89 trillion in the first three quarters of 2025, exceeding the planned borrowing target of N10.34 trillion by approximately N1.54 trillion,” he stated.
According to Obi, only N3.10 trillion of the borrowed funds was deployed for capital expenditure during the same period, leaving a significant gap in the financing of critical infrastructure and development projects.
“Only N3.10 trillion of the borrowed funds was allocated to capital expenditure during the same January-September 2025 period. This constitutes a mere 17.66 per cent of the N17.58 trillion earmarked for capital projects,” he said.
He argued that the most troubling aspect of the borrowing programme was the absence of clear explanations on how the remaining funds were utilised.
“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,” Obi stated.
The opposition leader challenged the government to provide a transparent account of the expenditure of the borrowed funds, insisting that Nigerians deserve to know how public resources are being managed.
“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance? Was it deployed for recurrent expenditure, for the entertainment of guests to Aso Rock or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund?” he queried.
Obi maintained that prudent fiscal management, transparency, and productive investment remain essential to restoring economic stability and rebuilding public confidence in governance.
“Nigerians deserve an answer on how our economy and resources are most unpatriotically managed,” he said, adding, “A New and Productive Nigeria is Possible, and Nigeria will be OK.”
