Former presidential candidate and Labour Party leader, Peter Obi, has criticised the Federal Government’s management of Nigeria’s public finances, warning that the country is drifting into what he described as “fiscal recklessness.”
In a statement shared on his X handle on Monday, Obi questioned the clarity of Nigeria’s budgeting system as the Senate prepares to approve the 2026 national budget in March.
“With the announcement that the Nigerian Senate is likely to approve the 2026 National Budget on March 17, every Nigerian is asking an important question: which budget will Nigeria use this year?” he wrote.
He wondered whether the country is operating the 2023, 2024, 2025 or 2026 budgets or a mix of all four noting that projects from previous years are still being implemented simultaneously.
According to Obi, the situation reflects what he called “a unique approach to budgeting, which continues to perpetuate a trend of fiscal recklessness.”
The former Anambra State governor said President Bola Tinubu inherited a legally approved N21.83tn 2023 budget but later introduced a N2.17tn supplementary appropriation that attracted criticism over its spending priorities at a time many Nigerians were struggling with economic reforms.
He added that subsequent budgets have grown significantly, with N35.06tn approved for 2024 and N54.99tn for 2025.
“In less than three years, President Tinubu has exercised appropriation powers over more than N114 trillion in public spending,” Obi stated, adding that the government had “failed to achieve even fifty per cent budget implementation.”
He expressed concern that Nigeria was, until recently, operating multiple overlapping budgets without clear timelines.
“No serious country manages its budgets or fiscal operations in such a manner,” he said.
Obi also faulted what he described as limited transparency surrounding the reported repeal and re-enactment of the 2024 and 2025 budgets, noting that details of capital projects and costs had not been made public.
“This is not reform; it represents fiscal obscurity elevated to the level of state policy,” he wrote.
The Labour Party leader further criticised the government for discontinuing treasury updates on the OpenTreasury portal and for failing to release a budget implementation report in 2025.
“This lack of transparency is not accidental; it reflects a deliberate pattern of undermining public scrutiny and debate,” he added.
Calling for reforms, Obi urged the Federal Government to return to the traditional January–December budget cycle to improve planning, tracking and accountability.
“No nation can operate with such recklessness and succeed,” he said.
