Obi slams Tinubu over rising debt, says N200tn borrowed without accountability

The 2027 presidential candidate of the Nigeria Democratic Congress, Peter Obi, has criticised President Bola Tinubu’s administration over what he described as excessive borrowing and poor fiscal accountability. Obi said Nigeria’s total public debt has risen to about N200 trillion, which he attributed to what he called “imprudent governance” under the current administration. He said the debt level represents an increase of over N100 trillion in three years, contrasting it with the approximately N49 trillion accumulated during the eight-year administration of former President Muhammadu Buhari. The former Labour Party presidential flagbearer in the 2023 election stated this in a statement posted on his X handle on Tuesday, saying the situation reflected a lack of accountability and transparency in the management of borrowed funds. “President Bola Tinubu’s administration has engaged in remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately 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 projected to around N80 trillion. “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,” he said. Citing figures from the Budget Office, Obi said the government borrowed N11.89 trillion in the first three quarters of 2025 (January to September), exceeding its planned borrowing target of N10.34 trillion by about N1.54 trillion. He said such an overrun should ordinarily attract scrutiny and explanation from relevant authorities. “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. Related News Nigeria’s economic reforms working, but poverty increasing – IMF FG hails IMF assessment, reaffirms commitment to economic reforms VIDEO: Oyo residents chanting ‘Jagaban 2027’ after receiving semovita Obi further claimed that only N3.10 trillion of the borrowed funds was allocated to capital expenditure during the January–September 2025 period, representing 17.66 per cent of the N17.58 trillion earmarked for capital projects, leaving a funding gap of about N14.48 trillion. He questioned how the remaining funds