Obi Raises Alarm Over Rising National Debt, Accuses Tinubu Administration of Lack of Accountability

 



By Joseph Ojo 

Former presidential candidate, , has criticised the administration of President Bola Tinubu over what he described as excessive and poorly accounted borrowing, warning that Nigeria’s debt profile is becoming unsustainable.

In a statement titled “Excessive Borrowing Without Accountability: Further Affirmation of Imprudent Governance,” Obi alleged that Nigeria’s total public debt has risen to about N200 trillion under the current administration, claiming this reflects an increase of over N100 trillion within three years.

He contrasted this with the debt profile under former President Muhammadu Buhari, stating that about N49 trillion was accumulated over eight years, which he argued would have projected to around N80 trillion under a linear trend.

Obi also referenced data attributed to the Federation’s Budget Office, claiming that the Tinubu administration borrowed N11.89 trillion in the first three quarters of 2025, exceeding a planned borrowing target of N10.34 trillion by about N1.54 trillion.

According to him, only N3.10 trillion of the borrowed funds was allocated to capital expenditure within the January–September 2025 period, representing 17.66% of the N17.58 trillion budgeted for capital projects, while a significant portion remained unaccounted for in terms of capital allocation.

He further questioned how the remaining funds were utilised, raising concerns over whether they were channelled into recurrent expenditure or other unspecified government priorities.

Obi described the situation as evidence of weak fiscal discipline and poor transparency, arguing that such borrowing practices require greater public scrutiny and accountability.

He concluded by insisting that “a new and productive Nigeria is possible,” adding that “Nigeria will be okay,” while maintaining his call for improved financial management.



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