Peter Obi demands accountability over Nigeria’s debt surge to N200trn

By Precious Mark

Peter Obi has demanded accountability from the federal government over the surge in the country’s debt profile to N200 trillion.

In a statement posted on his official X handle, Obi said accused the President Bola Tinubu administration of imprudent borrowing.

“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,” he said.

He added that Nigerians are already bearing the consequences of what he described as unsustainable fiscal practices.

“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 stated.

Obi further cited data from the Budget Office, claiming that the federal government exceeded its borrowing target in 2025.

According to him, “the Bola Tinubu government borrowed N11.89 trillion in the first three quarters of 2025 (January to September), exceeding the planned borrowing target of N10.34 trillion by approximately N1.54 trillion.”

He argued that despite the level of borrowing, capital project funding remained significantly low.

“Only N3.10 trillion of the borrowed funds was allocated to capital expenditure during the same January–September 2025 period. This constitutes a mere 17.66% of the N17.58 trillion earmarked for capital projects, leaving a deficit of roughly N14.48 trillion, or 82.34% of planned capital expenditure unfunded,” he said.

Peter Obi also questioned the utilisation of the remaining funds, insisting that Nigerians deserve clarity.

“The most disturbing aspect of the financial management fiasco under Bola Tinubu is that there is no explanation or information regarding how the balance was utilised or deployed. The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance?,” he stated.

Obi further suggested that Nigerians were not being given sufficient accountability on public spending.

“Was it deployed for recurrent expenditure/consumption, for the entertainment of guests to Aso Rock or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund? Nigerians deserve an answer on how our economy and resources are most unpatriotically managed,” he added.

He concluded with a warning that continued fiscal practices of this nature could worsen economic hardship and undermine public trust in governance, reiterating his call for transparency and responsible borrowing.