NDC Presidential candidate, Peter Obi
Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has questioned the Federal Government’s rising debt profile despite what he described as a significant increase in revenue under President Bola Tinubu led administration.
In a statement shared on X on Wednesday while reacting to the President’s three-year anniversary report, Obi said the administration highlighted an increase in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025, representing an increase of more than 100 percent.
According to Obi, many Nigerians expected that higher revenue would reduce the government’s reliance on borrowing. However, he argued that the opposite has happened.
“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” Obi said.
He further claimed that Nigeria’s total debt has risen sharply under the current administration.
“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,” he stated.
The former Anambra State governor also argued that Nigeria earned more than its projected budget revenue due to global and regional economic developments.
“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,” Obi said.
He expressed concern over what he described as a decline in key economic and social indicators despite the increase in revenue and borrowing.
According to him, multidimensional poverty has risen from 87 million people in 2023 to over 140 million in 2025, while unemployment has increased and GDP per capita has fallen from $1,597 in 2023 to $1,223 in 2025.
Obi maintained that the economic situation has resulted in more hardship for citizens.
“Just more and more hardship for Nigerians!” he said.
He also called on the Federal Government to explain how public funds have been managed since 2023.
“The question Nigerians and even the international community are asking is, ‘Where did all the money go?'” Obi stated.
“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.”
Obi concluded by expressing optimism about the country’s future.
“A new and productive Nigeria is POssible, and Nigeria will be OK!”
