The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called for clarification over President Bola Tinubu’s three-year administration, raising concerns about the government’s borrowing practices.
Obi, in a statement issued by the spokesman of the Peter Obi Media Office (POMR), Ibrahim Umar, said his review of the All Progressives Congress (APC)-led federal government’s debt profile, from the administration of Muhammadu Buhari to the present, revealed what he described as “stark impropriety.”
According to him, Nigeria’s total debt has risen significantly under President Tinubu, reaching about N200 trillion.
“This represents an increase of over N100 trillion within a mere three years, a stark contrast to the roughly N49 trillion accumulated during President Muhammadu Buhari’s eight-year tenure, which would have been projected to around N80 trillion,” Obi said.
He expressed concern over what he described as unsustainable borrowing and a lack of transparency in how the funds were utilised.
“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,” the statement read.
Citing data from the Federation’s Budget Office, Obi noted that the Tinubu administration borrowed N11.89 trillion in the first three quarters of 2025 (January to September), exceeding its borrowing target of N10.34 trillion by about N1.54 trillion.
“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.
He further stated that only N3.10 trillion of the borrowed funds was spent on capital projects within the same period.
“This constitutes a mere 17.66% of the N17.58 trillion earmarked for capital projects, leaving a deficit of roughly N14.48 trillion, or 82.34% of planned capital expenditure unfunded,” he said.
Obi added that the most troubling aspect was the lack of clarity on how the remaining funds were spent.
“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.
He questioned whether the funds were diverted to recurrent expenditure or other purposes, insisting that Nigerians deserve accountability.
“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, the entertainment of guests at Aso Rock, or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund? Nigerians deserve an answer on how our economy and resources are most unpatriotically managed,” he added.