‘Proof of imprudent governance’ – Peter Obi blasts Tinubu Govt’s over excessive borrowing

The Nigeria Democratic Congress, NDC, presidential candidate, Peter Obi, has blasted the administration of President Bola Tinubu over what he described as excessive borrowing.

Writing in a post on his verified X handle on Tuesday, Obi said the incessant loan collection is proof of imprudent governance.

He said Tinubu’s administration has engaged in remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately N200 trillion.

The former Anambra state governor added that it represents an increase of over N100 trillion within a mere three years, a stark contrast to the roughly N49 trillion accumulated during President Muhammadu Buhari’s eight-year tenure, which would have projected to around N80 trillion.

According to him, as millions of Nigerians grapple with the shock of the current administration’s unsustainable debt accumulation, the situation is exacerbated by the government’s reckless approach to borrowing and a profound absence of accountability and transparency in the utilisation of these funds.

“Excessive borrowing without accountability is a further affirmation of imprudent governance.

“The data from the Federation’s Budget Office reveals that the Bola Tinubu government borrowed N11.89 trillion in the first three quarters of 2025 (January to September), exceeding the planned borrowing target of N10.34 trillion by approximately N1.54 trillion.

“Under a responsible and accountable government, such an overshoot would necessitate rigorous scrutiny and explanation from relevant governmental bodies. Regrettably, this is not the reality under the current administration.

“The most disturbing aspect of the financial management fiasco under Bola Tinubu is that there is no explanation or information regarding how the balance was utilised or deployed.

“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance? Was it deployed for recurrent expenditure/ consumption, for the entertainment of guests to Aso Rock or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund? Nigerians deserve an answer on how our economy and resources are most unpatriotically managed,” he wrote.