Peter Obi, the 2027 presidential candidate of the Nigeria Democratic Congress, has raised concerns over Nigeria’s growing debt profile, accusing the administration of President Bola Tinubu of increasing the country’s borrowing without providing enough information on how the funds have been used.
Obi made his position known on Tuesday through a statement shared on his social media platform. According to him, Nigeria’s public debt has climbed to about N200 trillion, a figure he described as alarming. He argued that the country’s debt stock has risen by more than N100 trillion within the last three years, a pace he believes is far higher than what was recorded under the administration of former President Muhammadu Buhari.
The former Labour Party presidential candidate said the growing debt burden has continued to worry many Nigerians, especially at a time when citizens are facing economic hardship and rising living costs. He maintained that government borrowing should be accompanied by clear explanations and proper accountability to ensure public confidence.
Using figures he attributed to the Budget Office, Obi stated that the Federal Government borrowed N11.89 trillion between January and September 2025. He noted that the amount exceeded the government’s original borrowing target of N10.34 trillion for the period by more than N1.5 trillion.
According to him, such a development should ordinarily attract questions and reviews from the relevant authorities. He argued that exceeding a borrowing target without adequate public explanation raises concerns about fiscal management and transparency.
Obi also pointed to government spending records, claiming that only a small portion of the borrowed funds was directed to capital projects during the same period. He said N3.10 trillion was allocated to capital expenditure out of the N17.58 trillion budgeted for such projects, leaving a large funding shortfall.
The former Anambra State governor questioned how the remaining funds were spent and called on the government to provide detailed information on the utilisation of the borrowed money. He insisted that Nigerians deserve to know how public resources are being managed, particularly when borrowing continues to rise.
His remarks come as debates continue over the Federal Government’s economic policies since the beginning of the Tinubu administration. Major reforms introduced since 2023, including the removal of fuel subsidies and changes to the foreign exchange market, were aimed at improving the economy but also contributed to inflation, exchange rate instability and higher living expenses.
In May 2026, President Tinubu disclosed that Nigeria was expected to spend about $11.6 billion on debt servicing in 2026. While supporters of the administration maintain that borrowings are being used to fund infrastructure and development projects, critics continue to express concerns about the country’s increasing debt obligations and their long-term impact on the economy.
Obi said greater transparency and accountability are needed to reassure Nigerians that borrowed funds are being used for projects that will benefit the country and improve the lives of citizens.