Peter Obi Slams FG Over N187trn Debt, Reckless Borrowing

Peter Obi

Labour Party presidential candidate and former Anambra State governor, Peter Obi, has raised fresh concerns over the Federal Government’s relentless borrowing spree, describing it as reckless and devoid of accountability. He warned that Nigeria's total public debt now N187 trillion could surpass N200 trillion before year-end, with little or no visible progress in key sectors like education, health, and infrastructure.

Obi's statement comes on the heels of the Nigerian Senate’s recent approval of $21 billion, €2.2 billion, and ¥15 billion in new external loans for the 2025–2026 fiscal cycle. In addition, the Senate okayed N750.98 billion in domestic bond issuances and a €65.65 million grant.

“This borrowing takes Nigeria’s total debt to N187 trillion. That’s nearly 70% of our pre-rebased GDP and over 50% of the current rebased GDP, making it the highest debt-to-GDP ratio in our history,” Obi wrote on his official X (formerly Twitter) handle.

Obi lamented that while debt levels surge, citizens see no tangible improvement in their quality of life. Nigeria still struggles in:

• Education: Underfunded and declining in standard

• Healthcare: Inaccessible to millions

• Security: Over 10,000 killed, 672 villages sacked in two years

• Infrastructure: Over 135,000 km of roads unpaved

• Electricity: Less than 5,000 MW for 200+ million people

Despite security spending increasing from N2.98 trillion in 2023 to N4.91 trillion in 2025, safety has worsened.

Obi emphasized the disconnect between borrowing and outcomes:

“We’re borrowing at exponential levels without measurable improvements. Poverty is rising, and 133 million Nigerians (63%) are now multi-dimensionally poor,” he said.

He cited a dire malnutrition crisis in Northern Nigeria, where over 652 children have died, and international groups like Médecins Sans Frontières (Doctors Without Borders) are raising alarms.

Obi clarified he’s not against borrowing, but criticized the lack of transparency, accountability, and impact.

“Borrowing should be tied to measurable, productive investments. What we see now is mortgaging the future of our children without any national transformation,” he warned.

He called for a return to fiscal discipline, urging government to:

• Cut the cost of governance

• Block financial leakages

• Invest in human capital

• Build a productive, inclusive economy

In his closing remarks, Obi challenged Nigeria’s leaders to think intergenerationally:

“We must stop borrowing for consumption. Every kobo spent should show a measurable outcome. Nigeria must begin a path to responsible leadership and people-centered development.”

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