The former Anambra State governor, Peter Obi, has raised concerns over Nigeria’s growing public debt profile, urging the Federal Government to explain how borrowed funds have been used as the country’s total debt approaches ₦200 trillion.
Obi, the 2027 presidential candidate of the Nigeria Democratic Congress (NDC), said the pace of debt accumulation under President Bola Tinubu’s administration raises fresh questions about fiscal discipline and transparency.
In a statement on X on Tuesday, Obi said Nigeria’s debt stock has risen by more than ₦100 trillion in just three years.
Obi Questions Rapid Borrowing
“President Bola Tinubu’s administration has engaged in remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately ₦200 trillion. This represents an increase of over ₦100 trillion within a mere three years,” Obi said.
He compared that with the Buhari years, saying Nigeria borrowed about ₦49 trillion over eight years under former President Muhammadu Buhari.
Obi said the public has not been given a clear account of how the funds were spent, especially on growth and infrastructure projects.
He cited Budget Office figures showing that the federal government borrowed ₦11.89 trillion between January and September 2025, above its ₦10.34 trillion target for that period.
“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 also said only ₦3.10 trillion of the borrowed funds went to capital expenditure, even though the capital budget stood at ₦17.58 trillion.
“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 stated.
“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance?” he added.
Presidency Pushes Back
The Presidency rejected Obi’s figures and said the debt rise is mostly a result of naira devaluation, not fresh borrowing.
Special Assistant to the President on Social Media, Dada Olusegun, said Nigeria also inherited about ₦20 trillion in Ways and Means debt, which was later securitised.
He argued that the public debt includes both federal and state obligations, and said it is wrong to blame the Tinubu administration alone.
“For the umpteenth time, Nigeria’s obvious debt portfolio increase over the past three years under the administration of President Tinubu is not a function of new borrowings. Rather, the vast majority of it is the mathematical impact of currency devaluation, which you also promised to implement during your campaigns,” Olusegun said.
“In addition, this administration inherited a whopping Ways and Means debt of around ₦20 trillion, which was securitised to ensure swift repayment by the nation. This makes up a significant portion of the debts Mr Obi is claiming the administration has accumulated within three years,” he added.
He said Nigeria’s dollar debt has remained relatively stable, from $108 billion in 2023 to $109 billion in 2026.
“Lastly, Nigeria’s debt in dollar value has remained relatively stable, ranging from $108 billion in 2023 to $109 billion in 2026. This tells the true story of the country’s debt levels,” he said.
The exchange highlights the crisis of excessive borrowing and issues around fiscal discipline and transparency as Nigeria grapples with economic pressure and debt servicing costs.
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