Peter Obi criticises Tinubu over rising debt, claims Nigeria’s borrowing hits N200tn without accountability

Former presidential candidate of the Nigeria Democratic Congress, Peter Obi, has faulted the administration of President Bola Tinubu over what he described as rising national debt and weak fiscal accountability.

In a statement shared on his X handle on Tuesday, Obi alleged that Nigeria’s total public debt has climbed to about N200 trillion under the current administration, describing the development as a result of “imprudent governance.”

He said the figure reflects an increase of over N100 trillion within three years, contrasting it with about N49 trillion recorded during the eight-year tenure of former President Muhammadu Buhari, which he argued would have risen to around N80 trillion under normal projections.

According to him, the rapid rise in borrowing highlights a lack of transparency in how public funds are managed.

Obi also cited data from the Budget Office, claiming that the federal government borrowed N11.89 trillion within the first three quarters of 2025—exceeding its projected borrowing target of N10.34 trillion by about N1.54 trillion.

He argued that such a variance should ordinarily trigger scrutiny from relevant authorities, adding that this was not the case under the current system.

The former Anambra State governor further claimed that only N3.10 trillion of the borrowed funds was spent on capital projects between January and September 2025, representing 17.66 per cent of the N17.58 trillion allocated for capital expenditure, leaving a gap of about N14.48 trillion.

He questioned how the remaining funds were utilised, suggesting that there was no clear public explanation for the shortfall.

Obi also criticised what he described as a lack of accountability in government spending, asking how unaccounted funds were deployed, while insisting that Nigerians deserve clarity on public finance management.

Meanwhile, Nigeria’s debt profile has continued to rise since the Tinubu administration began major economic reforms in 2023, including fuel subsidy removal and exchange rate unification. While the policies aim to improve fiscal stability, they have also contributed to inflationary pressure, currency volatility, and higher debt servicing costs.

President Bola Tinubu had earlier stated that Nigeria plans to spend about $11.6 billion on debt servicing in 2026.

The administration maintains that its borrowing supports critical infrastructure development, while critics warn of increasing debt sustainability concerns.