Former Anambra State governor and 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called on President Bola Tinubu's administration to provide a detailed account of how borrowed funds have been utilised over the past three years.
Obi made the call while reviewing the borrowing profile of the Federal Government under the All Progressives Congress (APC), from the administration of former President Muhammadu Buhari to the present government.
In a statement issued by the spokesman of the Peter Obi Media Office (POMR), Ibrahim Umar, Obi expressed concern over Nigeria's rising debt profile, alleging that the Tinubu administration had significantly increased the country's debt burden within a relatively short period.
According to him, Nigeria's total public debt has risen to approximately N200 trillion, representing an increase of more than N100 trillion in three years.
"President Bola Tinubu's administration has engaged in remarkably imprudent borrowing, escalating Nigeria's total debt to approximately N200 trillion," Obi stated.
He argued that the increase contrasts sharply with the debt accumulated during the eight-year administration of former President Muhammadu Buhari, adding that the current trend raises concerns about fiscal sustainability and accountability.
Obi further alleged that data from the Federation's Budget Office showed that the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding its planned borrowing target of N10.34 trillion by about N1.54 trillion.
He maintained that such a deviation from approved borrowing plans should ordinarily attract public scrutiny and official explanations from relevant government agencies.
"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," he said.
The former Labour Party presidential candidate also questioned the allocation of the borrowed funds, noting that only N3.10 trillion was reportedly spent on capital projects during the same period.
According to him, the amount represented just 17.66 per cent of the N17.58 trillion earmarked for capital expenditure, leaving a funding gap of approximately N14.48 trillion.
Obi said the lack of clarity regarding the utilisation of the remaining funds has fueled public concerns about transparency in government spending.
"The question Nigerians are asking is what happened to the balance of the borrowed funds. Citizens deserve a clear explanation of how these resources were deployed and managed," he stated.
He urged the Federal Government to provide a comprehensive account of its borrowing and expenditure activities, stressing that transparency and accountability remain essential to effective economic management.
