Mr. Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC) and former governor of Anambra State, has questioned the Federal Government’s borrowing pattern, claiming that President Bola Tinubu’s administration’s sharp increase in national revenue has not translated into better living conditions for Nigerians.
The remarks were made in a message released on Obi’s official page in response to the President’s recent assessment of his administration’s performance after three years in power.
According to Obi, President Tinubu cited a rise in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025 as one of the administration’s significant accomplishments.
Obi contended that, despite the apparent increase in revenue, the country’s debt has continued to rise.
“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” Obi said.
According to him, Nigeria’s overall public debt has climbed to almost N200 trillion, an increase of more than N100 trillion over the last three years.
Obi also claimed that the country received more than planned budget revenues throughout the period due to global and regional economic changes that influenced commodities prices and government earnings.
Obi also claimed that important socioeconomic indices had deteriorated during the same period.
“Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio-economic and governance indicators are worse than in 2023,” he stated.
Obi expressed concern about rising multidimensional poverty, unemployment, and a drop in GDP per capita.
According to him, multidimensional poverty will rise from approximately 87 million people in 2023 to more than 140 million by 2025.
“The question Nigerians and even the international community are asking is, ‘Where did all the money go?'” Obi stated.
He advocated for increased transparency and accountability in public resource management, pressing the government to give Nigerians with a thorough explanation of how earnings and borrowed cash have been spent since 2023.