Obi Slams Tinubu Over Rising Debt, Demands Accountability for Borrowings

The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticised the administration of President Bola Tinubu over what he described as excessive borrowing and poor fiscal accountability.

 

Obi alleged that Nigeria’s total public debt has risen to about N200 trillion, attributing the increase to what he called imprudent economic management by the current administration.

 

In a statement posted on his X handle on Tuesday, the former Anambra State governor said the country’s debt stock had increased by more than N100 trillion in three years, compared to the approximately N49 trillion accumulated during the eight-year administration of former President Muhammadu Buhari.

 

“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 argued that the pace of borrowing raises serious concerns about transparency and accountability in the management of public finances.

 

According to Obi, figures from the Budget Office indicate that the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding its planned borrowing target of N10.34 trillion by about N1.54 trillion.

 

He said such a development should ordinarily attract public scrutiny and official explanations.

 

“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,” he said.

 

Obi further claimed that only N3.10 trillion of the borrowed funds was spent on capital projects during the period, representing 17.66 per cent of the N17.58 trillion budgeted for capital expenditure.

 

He questioned the utilisation of the remaining funds and called on the government to provide details.

 

“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,” he said.

 

“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance?”

 

President Tinubu disclosed in May 2026 that Nigeria is expected to spend about $11.6 billion on debt servicing in 2026, further highlighting the country’s increasing debt burden.

 

The Federal Government has consistently defended its borrowing strategy, arguing that it is aimed at funding critical infrastructure and stimulating economic growth.