Emelayo Nwosu
Presidential candidate of the Nigeria Democratic Congress, NDC, in next year’s general election, Mr. Peter Obi, on Wednesday, doubled down on his criticism of President Bola Tinubu’s handling of the economy, his administration’s borrowing and poor accountability.
Obi had on Tuesday criticised what he described as “Excessive Borrowing Without Accountability: Further Affirmation of Imprudent Governance,” which he said, has increased Nigeria’s debt to approximately N200trillion representing an increase of about N100trillion in three years.
Again, on Wednesday on his X handle, @PeterObi, the former Governor of Anambra State, decried the hardship being faced by Nigerians despite increase in revenue and more borrowing.
Obi, who titled his post, “Exponential increase in revenue with excessive borrowing: Yet more hardship for Nigerians,” said despite the increase in revenue, Nigeria has continued to take loans.
His post reads, “in celebrating three years of his administration, President Bola Tinubu included, among his achievements, an increase in revenue from N16.8 trillion in 2022 to N35 trillion in 2025. An increase of over 100%.
“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case.
“In just three years, President Bola Tinubu’s government seems to be obsessed with excessive and imprudent borrowing, with our total debt currently about N200 trillion—a deeply disturbing increase of “over N100 trillion.
“In addition to the exponential increases in both revenue and debt, it is also important to note that Nigeria has earned far more than the budget revenue targets due to global and regional geoeconomic and political tensions.
“Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio-economic and governance indicators are worse than in 2023. “Multi-dimensional poverty has increased from 87 million people in 2023 to over 140 million people in 2025. Rapidly increasing unemployment and a decline in GDP per capita from $1,597 in 2023 to $1,223 in 2025, and the list goes on.
“Just more and more hardship for Nigerians! The question Nigerians and even the international community are asking is, ‘Where did all the money go?’
“Nigerians deserve a detailed and transparent explanation of what happened to our economy and financial resources since 2023, and a stop to the imprudent, unaccountable, and opaque management of our common patrimony,” Mr. Obi insisted.
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