Obi to Tinubu: Explain to Nigerians whereabouts of excess borrowings, why we are owing so much

The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticised the administration of President Bola Tinubu over what he described as excessive borrowing and a lack of transparency in the management of public finances.

Obi said Nigeria’s total public debt has climbed to about N200 trillion under the current administration, arguing that the pace of borrowing raises serious concerns about fiscal discipline and accountability.

In a statement posted on his X account on Tuesday, the former presidential candidate claimed the country’s debt stock had increased by more than N100 trillion within three years, contrasting it with the debt profile recorded during the administration of former President Muhammadu Buhari.

According to Obi, the growing debt burden has placed additional pressure on Nigerians already struggling with economic hardship, inflation and rising living costs.

He further alleged that government borrowing in the first three quarters of 2025 exceeded the budgeted target, questioning the utilisation of funds not reflected in capital expenditure.

Citing figures from the Budget Office, Obi said only a fraction of the borrowed funds was allocated to capital projects during the period under review, leaving unanswered questions about how the remaining funds were spent.

“The question Nigerians deserve an answer to is what happened to the balance,” Obi said, calling for greater transparency and accountability in public finance management.

The former Anambra governor argued that prudent fiscal management requires clear explanations whenever borrowing exceeds approved projections, adding that citizens have a right to know how public resources are deployed.

His comments come amid ongoing debates over Nigeria’s rising debt profile, with critics warning about the sustainability of increased borrowing, while supporters of the government maintain that loans are being used to fund critical infrastructure and development projects.

The Tinubu administration has defended its economic reforms, including fuel subsidy removal and foreign exchange market liberalisation, as necessary measures aimed at stabilising the economy and laying the foundation for long-term growth.

However, concerns persist over the impact of debt servicing obligations on government finances and the broader economy.

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