Labour Party’s 2023 presidential candidate, Peter Obi, has once again raised strong concerns over the rapidly rising debt profile under President Bola Tinubu’s administration.
In a detailed statement shared on his official X account, Obi cautioned against what he described as “reckless borrowing without accountability,” warning that Nigeria’s public debt could surpass ₦200 trillion before the end of 2025.
According to Obi, the Senate’s recent approval of $21 billion, €2.2 billion, and ¥15 billion in external loans – alongside a ₦750.98 billion domestic bond issuance – has pushed the country’s total debt to a staggering ₦187 trillion. He argued that such an accumulation is unsustainable and said the government risks mortgaging the future of Nigeria’s youth through unchecked borrowing.
Economic Concerns Raised:
- Nigeria’s debt now exceeds 50% of its newly rebased GDP of ₦372.8 trillion (approx. $243.7 billion) – the highest debt-to-GDP ratio in the country’s history.
- Despite increased spending, critical sectors remain neglected:
- Education continues to decline in standard.
- Healthcare remains largely inaccessible for the poor.
- Security has worsened, with over 10,000 lives lost and 672 villages sacked between May 2023 and May 2025.
- Infrastructure remains poor, with over 135,000 km of roads still unpaved.
Obi stressed that borrowing in itself isn’t bad if tied to productive, transparent, and accountable investments. But with rising poverty, unemployment, malnutrition, and a power sector still struggling to deliver under 5,000MW for over 200 million people, the current trajectory seems devoid of measurable impact.
He urged a return to disciplined fiscal management, reducing the cost of governance, blocking financial leakages, and investing in human capital. With nearly 133 million Nigerians living in multi-dimensional poverty, Obi called for urgent and people-centered development strategies.
“Nigeria cannot continue to borrow recklessly while poverty deepens and public trust erodes,” he said, adding that it’s time to build a New Nigeria – one where leadership is responsible, and every kobo borrowed delivers real, tangible change.
