By Our Correspondent
Former Labour Party presidential candidate, Peter Obi, has criticized the administration of President Bola Tinubu over Nigeria’s rising debt profile, questioning the accountability and transparency surrounding the use of borrowed funds.
Obi expressed concern over reports indicating that Nigeria’s total public debt has climbed to nearly ₦200 trillion, arguing that a significant increase occurred within the last three years. He challenged the Federal Government to provide a detailed account of how the borrowed funds have been utilized and what tangible benefits Nigerians have gained from the massive debt accumulation.
According to Obi, borrowing is not necessarily a problem when funds are invested in projects that stimulate economic growth, improve infrastructure, create jobs, and enhance the living standards of citizens. However, he maintained that Nigerians deserve clear explanations regarding the allocation and impact of the loans obtained by the government.
The former Anambra State governor further stressed the need for fiscal discipline and prudent management of public resources, warning that excessive borrowing without visible development outcomes could place a heavy burden on future generations.
In response, the Presidency dismissed Obi’s allegations, insisting that the increase in the nation’s debt stock cannot be attributed solely to fresh borrowing. Government officials explained that the depreciation of the naira significantly increased the local currency value of existing foreign debts, while inherited obligations also contributed to the current figures.
The exchange has reignited national debate over Nigeria’s debt management strategy, with many stakeholders calling for greater transparency, accountability, and efficient use of public funds amid ongoing economic challenges.
