The presidential candidate of the Nigerian Democratic Congress (NDC) for the 2027 general election, Peter Obi, has criticised the borrowing policy of President Bola Tinubu's administration, describing it as excessive and lacking in accountability.
Obi expressed concern over Nigeria's rising debt profile, alleging that the country's total debt has climbed to about N200 trillion under the current administration, representing an increase of more than N100 trillion in less than three years.
In a statement titled "Excessive Borrowing Without Accountability: Further Affirmation of Imprudent Governance," the former Anambra State governor argued that the pace of borrowing under the Tinubu administration had significantly outstripped that of previous governments.
According to him, figures from the Federation's Budget Office indicate that the Federal Government borrowed N11.89 trillion during the first three quarters of 2025, exceeding the projected borrowing target of N10.34 trillion by approximately N1.54 trillion.
Obi said the development raises questions about fiscal discipline and adherence to approved budgetary frameworks.
He maintained that in a system guided by transparency and accountability, any borrowing above approved limits should be accompanied by clear explanations from the relevant government agencies.
The NDC presidential candidate further claimed that only N3.10 trillion of the borrowed funds was channelled into capital expenditure between January and September 2025, representing just 17.66 per cent of the N17.58 trillion budgeted for capital projects during the period.
He noted that the figure leaves an estimated N14.48 trillion shortfall in planned capital spending, equivalent to more than 82 per cent of the budgeted allocation.
Obi questioned the utilisation of the remaining funds, arguing that the government owes Nigerians a detailed explanation of how the borrowed resources were deployed.
"The question Nigerians are rightly asking and deserve an answer to is what happened to the balance?" he stated.
He said the lack of clarity surrounding the use of the funds has heightened concerns about fiscal management and the country's growing debt burden.
Obi called for greater transparency in public finance management, insisting that borrowed funds should be tied to productive investments capable of stimulating economic growth and improving the welfare of citizens.
He reiterated his belief that Nigeria can achieve sustainable development through prudent governance, accountability and responsible economic management.
"A new and productive Nigeria is possible, and Nigeria will be OK," Obi said.
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