Peter Obi criticizes Tinubu administration over rising debt and fiscal accountability
via Punch Nigeria2 min read
Peter Obi, the 2027 presidential candidate of the Nigeria Democratic Congress, has criticized President Bola Tinubu’s administration regarding what he described as excessive borrowing and poor fiscal accountability. Obi stated that Nigeria’s total public debt has increased to approximately N200 trillion, which he attributed to "imprudent governance" under the current administration. He noted this represents an increase of over N100 trillion in three years, contrasting it with the roughly N49 trillion accumulated during former President Muhammadu Buhari’s eight-year tenure. Obi, the former Labour Party presidential flagbearer in the 2023 election, posted this statement on his X handle, indicating a lack of accountability and transparency in managing borrowed funds. He cited figures from the Budget Office, stating that 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. Obi questioned how the remaining funds were utilized, noting that only N3.10 trillion of the borrowed funds was allocated to capital expenditure during the January–September 2025 period, representing 17.66 percent of the N17.58 trillion earmarked for capital projects, leaving a funding gap of about N14.48 trillion. Nigeria has faced increasing debt pressures since the Tinubu administration’s reforms began in mid-2023, including the removal of fuel subsidies and unification of the forei
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This summary was AI-generated from a story originally published by Punch Nigeria.
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