Peter Obi questions rising debt amid claims of increased government revenue

Politics

ABUJA, Nigeria (NPA) — Presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi, has criticised the Federal Government’s growing debt profile, arguing that increased revenue generation should have reduced the country’s dependence on borrowing.

Obi made the remarks in a statement personally signed on Wednesday and titled, “Exponential Increase in Revenue with Excessive Borrowing: Yet More Hardship for Nigerians!”

The former Anambra State governor was reacting to recent claims by President Bola Ahmed Tinubu that government revenue increased from N16.8 trillion in 2022 to N35 trillion in 2025, representing a rise of more than 100 per cent.

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According to Obi, the significant increase in revenue should ordinarily have translated into reduced borrowing and improved living conditions for Nigerians.

Instead, he argued, the country’s debt burden has continued to rise at an alarming rate.

“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” Obi said.

He alleged that the Tinubu administration has relied heavily on borrowing over the past three years, claiming that Nigeria’s total public debt has risen to about N200 trillion.

According to him, the increase represents an additional debt burden of more than N100 trillion within the period under review.

Obi further argued that, beyond increased revenue, Nigeria has also benefited from favourable global and regional economic developments that boosted government earnings beyond budget projections.

He, however, expressed concern that the additional revenue and borrowing have not translated into measurable improvements in the welfare of citizens.

“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.

The opposition figure claimed that multidimensional poverty has increased significantly in recent years, while unemployment and other economic challenges have continued to worsen.

He also pointed to a decline in Nigeria’s Gross Domestic Product (GDP) per capita, arguing that the country’s economic performance has not reflected the scale of resources reportedly available to the government.

According to Obi, many Nigerians are struggling with worsening living conditions despite official reports of higher revenues and increased government spending.

“Just more and more hardship for Nigerians,” he said.

The former presidential candidate questioned how the additional revenues and borrowings had been utilised and called for greater transparency in the management of public finances.

“The question Nigerians and even the international community are asking is: ‘Where did all the money go?’” Obi stated.

He urged the Federal Government to provide a comprehensive explanation of the country’s financial position and account for revenues generated since 2023.

Obi also called for what he described as prudent, transparent, and accountable management of public resources, insisting that Nigerians deserve to know how government funds have been spent.

The NDC presidential candidate maintained that addressing the country’s economic challenges would require greater fiscal discipline and policies focused on productivity, accountability, and sustainable development.

He reiterated his campaign message that a more productive and prosperous Nigeria remains achievable through responsible governance and effective economic management.