The 2023 Labour Party presidential candidate, Peter Obi, has called on the Nigerian Government to end fiscal rascality, especially with uncontrolled and unexplained borrowing that is not being invested in the productive sectors of the nation.
Obi made the call in a post on his verified X handle on Friday, lamenting over the planned borrowing by the Federal Government.
“Today, Nigerians woke up again to the troubling news that the Federal Government is planning to borrow about ₦20 trillion in new loans to finance the 2026 budget. This is at a time when debt servicing alone is projected to gulp nearly half of our national revenue, and when our borrowing requirement has surged by over 72%.
“At a time when Nigerians are struggling under unprecedented hardship, insecurity, and unemployment, we must ask the most important and logical questions: Where is the revenue from 2025?
“How can we be discussing trillions in new borrowing for 2026 when we are still implementing the 2024 budget? One is genuinely worried. This suggests, very clearly, that the 2025 budget is still untouched and unimplemented.
“So, where are all the revenues that accrued in 2025, even when we were told that we had surpassed the revenue targets since August?
“It is time for us to stop this fiscal rascality, especially with uncontrolled and unexplained borrowing that is not being invested in the productive sectors of our nation, but instead ends up in consumption.
“We cannot keep mortgaging the future of our children through thoughtless borrowing. We cannot continue this way.
“For years, I have consistently maintained that Nigeria cannot borrow its way into prosperity. Nations do not develop by consuming more than they produce. They develop by producing, exporting, and creating value, while building strong institutions that ensure accountability and efficient use of public funds.
“We cannot tell Nigerians that revenue is increasing while simultaneously increasing borrowing to ridiculous historic levels. Governance must be built on transparency, not propaganda.
“We cannot build a new Nigeria on the foundation of misleading figures, rising debts, shrinking production, and continuous hardship. Our nation must move forward,” he said.
