By Philippine Duru
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Peter Obi, the Labour Party’s presidential candidate in the 2023 election, has criticised President Bola Tinubu’s administration over what he described as “excessive borrowing without accountability,” alleging that Nigeria’s rising debt profile reflects imprudent governance.
In a post shared on X, Obi claimed that the Tinubu administration had increased Nigeria’s total public debt to about N200 trillion, arguing that the country had accumulated more than N100 trillion in additional debt within three years.
According to him, the pace of borrowing under the current administration contrasts sharply with the debt accumulated during the eight-year tenure of former President Muhammadu Buhari.
Obi expressed concern over what he termed the lack of transparency surrounding the utilisation of borrowed funds, saying millions of Nigerians were already burdened by the implications of the country’s growing debt obligations.
Citing figures from the Federation’s Budget Office, the former Anambra State governor stated that the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding the projected borrowing target of N10.34 trillion by about N1.54 trillion.
He argued that in a responsible system, such a deviation from approved borrowing plans should trigger scrutiny and detailed explanations from the relevant authorities.
Obi further alleged that only N3.10 trillion of the borrowed funds was channelled into capital expenditure during the same period, representing 17.66 per cent of the N17.58 trillion budgeted for capital projects.
He said this left a shortfall of approximately N14.48 trillion, equivalent to 82.34 per cent of the planned capital expenditure for the period.
“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 said.
He questioned whether the funds had been spent on recurrent expenditure, used for other government activities, or diverted for political purposes, insisting that Nigerians deserved a clear account of how public resources were being managed.
“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance?” he stated.
Obi maintained that accountability and transparency remained essential to restoring public confidence in government finances and reiterated his belief that a “new and productive Nigeria is possible.”
The Federal Government has repeatedly defended its borrowing strategy, maintaining that loans are being deployed to finance infrastructure projects, support economic reforms and address fiscal challenges inherited over the years.