Peter Obi challenges Tinubu on use of borrowed funds and demands accountability for Nigeria’s rising public debt.
The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, on Tuesday challenged President Bola Ahmed Tinubu to explain what he described as the questionable deployment of borrowed funds after accusing the administration of engaging in excessive borrowing without corresponding accountability.
This comes as the national leadership of the NDC moved to calm tensions within its Kano State chapter following a high-level meeting with leaders of the Kwankwasiya movement.
Continuing, Obi alleged that Nigeria’s total public debt had risen to about N200 trillion under Tinubu’s administration, representing an increase of more than N100 trillion within three years.
He demanded explanations for what he called the government’s lack of transparency in the utilisation of the borrowed funds.
In a statement posted on his verified X account, Obi compared the current administration’s borrowing profile with that of former President Muhammadu Buhari, arguing that the pace of debt accumulation under Tinubu had significantly outstripped that of the previous administration.
According to him, the current debt burden has become a major concern for Nigerians already struggling with economic hardship, inflation and declining purchasing power.
Obi wrote, “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.
“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.”
The former Anambra State governor cited figures from the Federation’s Budget Office, claiming that the federal government borrowed N11.89 trillion between January and September 2025, exceeding its planned borrowing target of N10.34 trillion for the period.
He argued that such an overrun should ordinarily trigger scrutiny and explanations from relevant government institutions.
Obi further contended that only N3.10 trillion of the borrowed funds was committed to capital projects during the same period, representing what he described as a small fraction of the amount budgeted for infrastructure and development programmes.
According to him, the discrepancy between the volume of borrowing and actual capital expenditure raises serious questions about the destination and utilisation of the funds.
“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,” he said.
Obi challenged the government to provide a detailed account of the spending of the funds, insisting that Nigerians deserved full disclosure on how public resources were being managed.
“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance?” he asked.
The Presidency had not responded to Obi’s allegations as of press time.
Meanwhile, the national leadership of the NDC has moved to calm tensions within its Kano State chapter following a high-level meeting with leaders of the Kwankwasiya movement.