Obi laments more borrowing amid rising incomes

The National Democratic Party (NDC) presidential candidate, Peter Obi, has called on the Federal Government to provide a detailed explanation as to why the country continues to borrow money, despite claims of increased revenue.

He also sought clarification on how state revenues and loan funds are being used, amid what he described as worsening economic hardship across the country.

Obi, in a statement posted on his Facebook page on Wednesday, questioned Nigeria’s financial management under President Bola Ahmed Tinubu’s administration, although he acknowledged a significant increase in government revenues.

According to him, the President, while commemorating the third anniversary of his administration, listed among his achievements the increase in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025.

Obi noted that an increase in income of more than 100 percent should reduce the need for loans. However, he expressed concern because the country’s debt profile continued to grow rapidly.

“Surprisingly, although Nigerians expected a reduction in borrowing with an exponential increase in income, the opposite has happened,” he said.

The former governor of Anambra State claims that Nigeria’s total debt has risen to about N200 trillion, an increase of over N100 trillion in the last three years.

He further argued that, in addition to increased revenues and debt, the country also benefited from revenues exceeding budgeted revenue targets due to favorable global and regional economic developments.

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Obi however stated that key socio-economic indicators had worsened over the same period.

He cited rising multidimensional poverty, rising unemployment and falling gross domestic product per capita as evidence that the benefits of higher incomes and borrowing have not resulted in better living conditions for Nigerians.

“There are more and more difficulties facing Nigerians,” Obi said.

He said both Nigerians and members of the international community raised questions regarding the utilization of the country’s financial resources.

“The question Nigerians and even the international community are asking is, ‘Where has all the money gone?’” he asked.

Obi called for greater transparency and accountability in the management of public finances, and emphasized that the public has the right to receive a comprehensive explanation of economic developments from 2023.

He also urged the government to stop what he called careless, unclear and unaccountable management of state resources.

The former Labor Party presidential candidate expressed optimism that Nigeria can still achieve sustainable growth and development through productive economic policies and wise management of public resources.