Former presidential candidate Peter Obi has expressed concern over Nigeria’s rising public debt profile, calling on the Federal Government to provide a detailed account of how borrowed funds have been utilised.
Obi, the 2027 presidential candidate of the Nigeria Democratic Congress (NDC), said Nigeria’s total debt is now approaching ₦200 trillion, describing the pace of accumulation as troubling and unsustainable.
In a statement posted on his X account on Tuesday, Obi alleged that the current administration under President Bola Tinubu has increased Nigeria’s debt stock by more than ₦100 trillion within three years.
He contrasted this with the previous administration of former President Muhammadu Buhari, under which he said Nigeria accumulated about ₦49 trillion over eight years.
According to Obi, the rapid rise in borrowing raises questions about fiscal discipline, transparency and accountability in public finance management.
He cited data from the Budget Office, stating that the Federal Government borrowed ₦11.89 trillion between January and September 2025, exceeding its approved borrowing target of ₦10.34 trillion for the period.
Obi argued that such an overshoot should ordinarily require detailed explanations from government agencies and stronger oversight from the National Assembly.
“Under a responsible and accountable government, such an overshoot would necessitate rigorous scrutiny and explanation from relevant governmental bodies,” he said.
He further expressed concern that only ₦3.10 trillion of the borrowed funds within the period was allocated to capital expenditure, despite a capital budget of ₦17.58 trillion.
Obi said the gap between borrowing and capital spending raises questions about how the remaining funds were deployed, insisting that Nigerians deserve transparency.
He added that there has been no clear public explanation regarding the utilisation of a significant portion of the borrowed funds.
“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance?” he stated.
Nigeria’s debt profile has continued to draw attention following major economic reforms by the Tinubu administration, including fuel subsidy removal and foreign exchange liberalisation.
While the government maintains that the reforms are necessary to stabilise the economy and attract investment, critics argue that rising debt levels must be matched with productive investments and measurable economic growth.
President Tinubu had earlier disclosed that Nigeria is projected to spend about $11.6 billion on debt servicing in 2026, highlighting the growing burden of debt obligations on public finances.
Obi’s remarks are expected to intensify ongoing national debate over borrowing, fiscal transparency and the sustainability of Nigeria’s economic direction.
