Peter Obi Accuses Tinubu’s Government of Mortgaging Nigeria’s Future Through Reckless Borrowing
Labour Party's 2023 presidential candidate and former Anambra State governor, Peter Obi, has strongly criticized the Tinubu administration over what he describes as reckless and unsustainable borrowing, warning that it is mortgaging the future of young and unborn Nigerians.
In a detailed statement issued on Monday, Obi expressed deep concern over the Senate’s recent approval of additional foreign loans amounting to $21 billion, €2.2 billion, and ¥15 billion for the 2025–2026 fiscal period. He also highlighted the approval of a ₦750.98 billion domestic bond and a €65 million grant.
According to Obi, Nigeria’s total public debt stood at ₦149.39 trillion as of Q1 2025. With the new borrowings amounting to about ₦37.2 trillion, he estimated that the nation’s debt has surged to ₦187 trillion, and may exceed ₦200 trillion by the end of 2025.
Nigeria’s Debt-to-GDP Ratio Hits Record High
Obi broke down the implications of the current borrowing trend:
“Before rebasing, Nigeria’s GDP was about ₦269.2 trillion ($180 billion). The government has borrowed nearly 70% of that amount. Even after rebasing to ₦372.8 trillion ($243.7 billion), the debt stands at 50.16% of our GDP — the highest in our history.”
Rising Debt, Yet Declining Living Standards
Despite the ballooning debt, Obi lamented that there has been little to no improvement in key sectors like education, healthcare, power, and national security.
“We rank low in all major human development indicators. Education is underfunded, healthcare is inaccessible for many, and security has worsened despite rising budget allocations,” he said.
He cited alarming statistics, including:
Over 10,217 Nigerians killed and 672 villages destroyed between May 2023 and May 2025.
Security spending increased from ₦2.98 trillion in 2023 to ₦4.91 trillion in 2025.
135,000km of roads out of Nigeria’s 195,000km remain unpaved and unusable.
Electricity generation remains below 5,000MW despite a population of over 200 million.
133 million Nigerians live in multi-dimensional poverty, with child malnutrition deaths worsening in Northern Nigeria.
Borrowing Should Be Accountable and Productive
Obi emphasized that borrowing in itself isn't a bad economic strategy, but it must be transparent, accountable, and channelled into productive, measurable investments.
“Borrowing without results is not growth, it’s a debt trap. This current pattern is simply mortgaging our children’s future,” he warned.
He urged the Tinubu administration to:
Cut the cost of governance
Eliminate financial leakages
Prioritize human capital development
Implement disciplined and prudent economic policies
Obi’s Final Word: Time to Build a New Nigeria
Peter Obi concluded with a strong call to action for a responsible, people-focused leadership:
“We must end this fiscal indiscipline. Let us build a New Nigeria where every kobo borrowed delivers real impact, and where leadership is both
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