Former presidential candidate Peter Obi has expressed concern over Nigeria’s growing public debt profile, calling on the Federal Government to account for how borrowed funds have been spent as the nation’s debt approaches N200 trillion.
Obi, the 2027 presidential candidate of the Nigeria Democratic Congress (NDC), said the rapid rise in debt under President Bola Ahmed Tinubu raises serious questions about fiscal discipline, transparency, and long-term economic sustainability.
In a statement posted on his X account on Tuesday, Obi argued that Nigeria’s debt stock has increased by more than N100 trillion in the past three years, describing the trend as alarming and in need of urgent public scrutiny.
He compared the current borrowing pace with the previous administration, noting that Nigeria accumulated about N49 trillion in debt over eight years under former President Muhammadu Buhari.
Obi further raised concerns that the rising debt levels have not been matched with clear explanations on how the funds were deployed, particularly in productive sectors of the economy.
Citing data from the Budget Office, he said the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding its planned borrowing target of N10.34 trillion for the period.
He argued that such overshooting of approved borrowing limits should ordinarily trigger stronger legislative oversight and public accountability.
Obi also noted that only N3.10 trillion of the borrowed funds within the period was allocated to capital expenditure, despite a capital budget of N17.58 trillion, questioning the utilisation of the remaining funds.
He described the situation as troubling, insisting that Nigerians deserve full disclosure on how public funds are managed.
The comments come amid ongoing debates over Nigeria’s fiscal direction following major economic reforms, including fuel subsidy removal and foreign exchange liberalisation under the current administration.
