The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has raised concerns over what he described as excessive borrowing by the Federal Government, alleging that Nigeria’s debt profile has climbed to about N200 trillion within three years.

Obi made the claims in a statement shared on his verified X account, where he questioned the transparency and accountability surrounding the utilisation of borrowed funds.

Concerns Over Rising Debt

He alleged that Nigeria’s total debt has increased by over N100 trillion under President Bola Tinubu’s administration, comparing it with borrowing levels recorded under former President Muhammadu Buhari.

Obi described the trend as unsustainable, warning that it could place additional pressure on the country’s economy and future generations.

Borrowing Targets and Fiscal Questions

Citing data from the Budget Office of the Federation, Obi claimed the government borrowed about N11.89 trillion between January and September 2025, exceeding its projected target of N10.34 trillion.

He questioned the rationale behind the additional borrowing, arguing that such deviations should require public explanation and scrutiny.

Questions on Capital Spending

The former Anambra State governor also claimed that only a fraction of the borrowed funds was directed towards capital projects within the same period.

He said about N3.10 trillion was allocated to capital expenditure, raising concerns over how the remaining funds were utilised.

According to him, the gap between borrowing and infrastructure spending raises accountability questions that Nigerians deserve answers to.

Call for Accountability

Obi further questioned what became of the unaccounted portion of the borrowed funds, insisting that transparency is essential in public financial management.

He called for greater scrutiny of government borrowing and expenditure practices.

The Federal Government has not responded directly to the specific allegations at the time of filing this report.

Ongoing Debt Debate

Nigeria’s debt profile continues to generate national debate, with supporters of government borrowing arguing it is necessary for development financing, while critics warn of long-term fiscal risks.

The discussion remains central to ongoing conversations about economic reforms and public accountability.