The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has challenged President Bola Tinubu to account for what he described as the questionable use of borrowed funds, accusing the administration of excessive borrowing without adequate transparency or accountability.
Obi alleged that Nigeria’s total public debt has risen to about N200 trillion under the Tinubu administration, representing an increase of over N100 trillion within three years.
In a statement posted on his verified X account, the former Anambra State governor said the pace of borrowing under the current administration far exceeds that of previous governments and demanded explanations for how the funds were utilised.
He compared the current debt trajectory with that of former President Muhammadu Buhari, arguing that debt accumulation under Tinubu had grown at a significantly faster rate.
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.”
He added that the rising debt burden has worsened economic hardship for Nigerians, citing inflation, declining purchasing power, and widening poverty levels.
Obi also referenced figures he attributed to the Budget Office of the Federation, 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 the overrun should ordinarily attract scrutiny from relevant oversight institutions.
According to him, only N3.10 trillion of the borrowed funds was allocated to capital projects during the same period, raising concerns about the utilisation 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 insisted that Nigerians deserved full disclosure on how public funds are being managed and called on the government to provide a detailed breakdown of spending.
“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance?” he asked.
As of press time, the Presidency had not responded to the allegations.
Meanwhile, the national leadership of the NDC also moved to address internal tensions in its Kano State chapter following a high-level meeting with leaders of the Kwankwasiya movement, aimed at strengthening unity within the party ahead of future political activities.
