Peter Obi, the Labour Party’s 2023 presidential candidate, has criticized President Bola Tinubu’s administration for its continuous borrowing without accountability. Reacting to the Senate’s recent approval of new external loans amounting to $21 billion, €2.2 billion, and ¥15 billion for the 2025–2026 fiscal cycle, Obi expressed concern over Nigeria’s rising debt profile, which now stands at about N187 trillion and could exceed N200 trillion by year’s end.
Obi highlighted that the nation’s debt has ballooned to over 50% of the rebased GDP, the highest in Nigeria’s history. Despite the increased borrowings, he lamented the lack of significant progress in critical sectors such as education, healthcare, power, and security. He pointed out that over 10,000 Nigerians have been killed and hundreds of villages destroyed in the past two years, despite increased defense spending.
The former Anambra governor criticized the state of Nigeria’s infrastructure, noting that 135,000 km of roads remain unpaved and electricity supply continues to hover below 5,000 MW for over 200 million people. He added that poverty and unemployment are on the rise, with 133 million Nigerians classified as multi-dimensionally poor and alarming malnutrition rates, especially in the North, where hundreds of children have died.
Obi warned that borrowing without clear and productive investments is endangering future generations. He called for a return to prudent economic management, reduction in governance costs, and increased investment in human capital. He urged leaders to be accountable and to ensure that borrowed funds are transparently used for projects that improve the lives of ordinary Nigerians and drive sustainable national development.
