Former Labour Party presidential candidate, Peter Obi, has criticised the Federal Government’s borrowing strategy, raising concerns over the country’s rising debt profile and the utilisation of borrowed funds.
In a statement shared on social media on Tuesday, Obi accused the administration of President Bola Ahmed Tinubu of engaging in excessive borrowing without sufficient transparency regarding how the funds are being spent.
According to Obi, Nigeria’s total public debt has climbed significantly under the current administration, prompting concerns about fiscal sustainability and the long-term impact on the nation’s economy.
The former Anambra State governor argued that the pace of borrowing in recent years has been alarming and called for greater scrutiny of government finances.
“For instance, data from the Federation’s Budget Office reveals that the Bola Tinubu government borrowed N11.89 trillion in the first three quarters of 2025, exceeding the planned borrowing target of N10.34 trillion,” Obi stated.
He further stated that only a fraction of the borrowed funds was directed toward capital projects during the same period, questioning what became of the remaining 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 maintained that Nigerians deserve clear explanations regarding government borrowing and expenditure, especially at a time when many citizens are facing economic hardship.
“What happened to the balance? 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?,” he questioned.
He also called for increased accountability in public finance management, arguing that borrowed funds should be tied to measurable development outcomes and critical infrastructure projects.
The former presidential candidate said transparency and prudent management of public resources remain essential to restoring public confidence and ensuring sustainable economic growth.