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Obi warns of fiscal irresponsibility

Former Labour Party presidential candidate, Mr. Peter Obi, has expressed deep concern over Nigeria’s rapidly escalating debt profile.
In a statement on his X handle, Mr. Obi warned that the country’s fiscal trajectory could compromise future generations and worsen living conditions for millions of citizens.
Obi also highlighted that the nation’s total public debt has reached approximately N187 trillion, with projections suggesting it could exceed N200 trillion by year-end.
Nigeria’s public debt has increased to nearly 70 per cent of the previous GDP and 50.16 per cent of the revised GDP after rebasing.
Obi also emphasised that the country is accumulating exponential levels of unsustainable debt with little to show for it in critical areas such as education, healthcare, electricity generation, and security.
Despite increased borrowing, key development metrics remained stagnant or deteriorating, including insecurity, as more than 10,217 deaths and 672 villages sacked within a two-year span, despite increased security spending.
Roughly 135,000 kilometers of Nigeria’s 195,000 km road network remained unpaved, and electricity supply has stagnated below 5,000 megawatts.
No fewer than 133 million Nigerians (63% of the population) are classified as multi-dimensionally poor, and 652 children died in Northern Nigeria due to malnutrition.
Obi stressed that borrowing was not inherently detrimental if targeted at productive, high-impact investments with transparent and measurable outcomes.
However, while accusing the current administration of fiscal irresponsibility, he appealed for economic reform, urging the government to cut wasteful spending, block revenue leakages, and prioritize investments in human capital.
Obi stressed the need for responsible leadership, people-centered development, and measurable impact from borrowed funds.
Obi also warned that the current pattern of borrowing without accountability and transformational impact was mortgaging the future of Nigeria’s children.
He called for a new Nigeria where leadership is responsible, development is people-centered, and every kobo borrowed or spent delivers measurable impact.
“It is time to stop this fiscal indiscipline. We must build a New Nigeria, where leadership is responsible, development is people-centred, and every kobo borrowed or spent delivers measurable impact, ” he said.

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