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, arguing that the sharp increase in national revenue under President Bola Tinubu’s administration has not translated into improved living conditions for Nigerians.
The remarks were contained in a statement posted on Obi’s official page while reacting to the President’s recent account of his administration’s performance after three years in office.
According to Obi, President Tinubu listed the increase in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025 as one of the administration’s major achievements.
Obi argued that despite the reported increase in revenue, the country’s debt profile had continued to rise.
“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” Obi stated.
According to him, Nigeria’s total public debt has risen to about N200 trillion, representing an increase of over N100 trillion within the last three years.
Obi also argued that the country earned more than projected budget revenues during the period due to global and regional economic developments that affected commodity prices and government earnings.
Obi also alleged that key socio-economic indicators had worsened 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 said.
Obi cited rising multidimensional poverty, unemployment and a decline in gross domestic product, GDP, per capita as areas of concern.
According to him, multidimensional poverty increased from about 87 million people in 2023 to more than 140 million people in 2025.
“The question Nigerians and even the international community are asking is, ‘Where did all the money go?’” Obi stated.
He called for greater transparency and accountability in the management of public resources, urging the government to provide Nigerians with a detailed explanation of how revenues and borrowed funds have been utilised since 2023.
