Peter Obi Blasts Tinubu Over Rising ₦200 Trillion Debt, Demands Fiscal Accountability

Posted by Chinenye on Tue 09th Jun, 2026 - tori.ng

A fresh political storm is brewing in Nigeria as opposition leader Peter Obi has accused the Tinubu administration of reckless borrowing and poor financial management, claiming the country’s debt burden has surged to about ₦200 trillion in just a few years.

(Peter Obi. Photo Credit: X.com)

The 2027 presidential candidate of the Nigeria Democratic Congress, Peter Obi, has criticised President Bola Tinubu's administration over what he described as excessive borrowing and poor fiscal accountability.

Obi, in a statement shared on social media on Tuesday, said Nigeria's total public debt has risen to approximately N200 trillion an increase of over N100 trillion in three years which he attributed to what he called "imprudent governance."

He contrasted this with the roughly N49 trillion accumulated during the eight-year administration of former President Muhammadu Buhari.

Citing figures from the Budget Office, the former Labour Party presidential flagbearer in the 2023 election said the government borrowed N11.89 trillion in the first three quarters of 2025, exceeding its planned borrowing target of N10.34 trillion by about N1.54 trillion.

He argued that such an overrun should ordinarily attract scrutiny and explanation from relevant authorities.

Obi further claimed that only N3.10 trillion of the borrowed funds representing 17.66 per cent was allocated to capital expenditure during the January–September 2025 period, out of the N17.58 trillion earmarked for capital projects, leaving a funding gap of approximately N14.48 trillion.

He questioned what became of the remaining funds, asking whether they were deployed for recurrent expenditure, Aso Rock entertainment, or political campaigning ahead of 2027.

"Nigerians deserve an answer on how our economy and resources are most unpatriotically managed," he said.

Nigeria has faced mounting debt pressures since the Tinubu administration's major reforms began in mid-2023, including the removal of fuel subsidies and the unification of the foreign exchange market.

While those moves aimed to correct fiscal distortions, they triggered inflation spikes, naira volatility, and higher living costs, while also increasing the local-currency burden of debt servicing.

President Tinubu disclosed in May 2026 that Nigeria plans to spend approximately $11.6 billion on debt servicing in 2026.

Supporters of the government argue that borrowings are directed at critical infrastructure, while critics warn of a debt-without-growth trap.