Peter Obi Knocks Tinubu Over Rising Debt, Demands Accountability for ₦200tn Borrowing

The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has heavily criticised President Bola Tinubu’s administration over the country's soaring debt profile, demanding a detailed account of how recently borrowed funds were spent.

Former Anambra State Governor and the 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has raised the alarm over Nigeria’s growing public debt, accusing President Bola Tinubu’s administration of excessive and imprudent borrowing.

In a statement posted on his verified X (formerly Twitter) handle on Tuesday, Obi alleged that the country's total debt has escalated to approximately ₦200 trillion under the current administration, representing an increase of over ₦100 trillion within just three years.

He contrasted this rapid debt accumulation with the trajectory under former President Muhammadu Buhari, noting that the previous administration accumulated about ₦49 trillion in debt over an eight-year period.

According to Obi, the pace of borrowing under President Tinubu raises serious questions about fiscal discipline, transparency, and the long-term sustainability of the nation's public finances.

“As millions of Nigerians grapple with the shock of this unsustainable debt accumulation, the situation is exacerbated by the government's reckless approach to borrowing and a profound absence of accountability and transparency in the utilisation of these funds,” Obi stated.

To back his claims, the former Labour Party flagbearer cited data from the Federation’s Budget Office, which revealed that the Federal Government borrowed ₦11.89 trillion in the first three quarters of 2025 (January to September). He pointed out that this figure exceeded the government's planned borrowing target of ₦10.34 trillion for that period by approximately ₦1.54 trillion.

Obi argued that in a responsible and accountable system of governance, exceeding an approved borrowing threshold should ordinarily trigger strict legislative scrutiny and a detailed explanation from relevant government bodies.

Expressing further concern over how the funds were deployed, Obi claimed that only ₦3.10 trillion of the borrowed money was allocated to capital expenditure during the same period. He noted that this constituted just 17.66 per cent of the ₦17.58 trillion earmarked for capital projects, leaving a massive funding deficit of roughly ₦14.48 trillion.

Questioning the destination of the remaining funds, Obi called on the government to provide a comprehensive account to the public.

“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance? Was it deployed for recurrent expenditure/consumption, for the entertainment of guests to Aso Rock, or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund?” he queried.

Obi concluded his statement by insisting that Nigerian citizens deserve clear answers on how the nation’s economy and borrowed resources are being managed, warning that borrowing without corresponding investments in productive sectors will only deepen the country's economic stagnation.

As of the time of this report, the Presidency and the Ministry of Finance have yet to issue an official response to the NDC candidate’s allegations.