By Ogungbayi Adeyemi S. | adeyemi@ddnewsonline.com
Editor, DDNews |
The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Mr. Peter Obi, has sharply criticised President Bola Tinubu’s administration over what he described as excessive borrowing and poor fiscal accountability.
In a statement posted on his X handle on Tuesday, Obi said Nigeria’s total public debt has skyrocketed to approximately N200 trillion under the current administration — an increase of over N100 trillion in just three years.
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He contrasted this with the roughly N49 trillion accumulated during the eight-year administration of former President Muhammadu Buhari, which he said would have projected to around N80 trillion.
“President Bola Tinubu’s administration has engaged in remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately N200 trillion. This represents an increase of over N100 trillion within a mere three years,” Obi said.
The former Labour Party presidential candidate further claimed that the government borrowed N11.89 trillion in the first three quarters of 2025 (January to September), exceeding its planned borrowing target of N10.34 trillion by about N1.54 trillion.
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Obi expressed concern that only N3.10 trillion of the borrowed funds was allocated to capital expenditure during the period, representing just 17.66 per cent of the N17.58 trillion earmarked for capital projects, leaving a huge funding gap of about N14.48 trillion.
“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,” he said.
He questioned whether the funds were diverted to recurrent expenditure, entertainment, or the 2027 election campaign, adding that Nigerians deserve clear answers on how public resources are being managed.
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Nigeria has faced mounting debt pressures since the Tinubu administration’s major reforms in mid-2023, including the removal of fuel subsidies and unification of the foreign exchange market. While the government argues that these borrowings support critical infrastructure, critics warn of a potential debt trap without corresponding economic growth.
Tinubu had disclosed in May 2026 that Nigeria plans to spend about $11.6 billion on debt servicing in 2026.
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