Peter Obi, the former Labour Party presidential candidate, has strongly criticized the Federal Government’s borrowing spree. He argues that the massive jump in national revenue under President Bola Tinubu has done nothing to ease the hardship faced by everyday Nigerians.
The former Anambra State Governor reacted to President Tinubu’s recent scorecard after three years in office. While the president celebrated boosting government revenue from N16.8 trillion in 2022 to N35 trillion in 2025, Obi sees a deeper problem.
For Obi, the real issue is that this financial windfall has not stopped the country from sinking deeper into debt. He pointed out that one would expect borrowing to drop since the government is making more money. Instead, the exact opposite is happening.
Nigeria’s total public debt has now ballooned to roughly N200 trillion. This means the administration has added over N100 trillion to the debt pile in just three years.
Obi also noted that the country raked in more cash than budgeted simply because of global economic shifts. Fluctuating commodity prices naturally pushed government earnings up, rather than any home-grown policy miracle.
More importantly, he warned that life is actually getting harder for citizens. Basic socio-economic indicators have taken a nosedive since 2023.
The numbers paint a grim picture. Multidimensional poverty has swallowed the nation, pushing over 140 million people into hardship compared to 87 million in 2023. Unemployment is rising, and the gross domestic product per capita is falling.
This brings up a burning question. Obi asked exactly where all the borrowed and earned money has gone. He demanded full transparency from the government, insisting that Nigerians deserve a detailed breakdown of how these funds have been spent since 2023.
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