Presidential candidate of the National Democratic Party (NDC), Peter Obi, has called on the Federal Government to provide a detailed explanation of why the country keeps borrowing money, despite claims of increased revenue.
He also sought for an explanation on how public revenues and borrowed funds have been utilised, amid what he described as worsening economic hardship across the country.
Obi, in a statement posted on his Facebook page on Wednesday, questioned the management of Nigeria’s finances under the administration of President Bola Ahmed Tinubu, despite what he acknowledged as a significant increase in government revenue.
According to him, the President, while marking the third anniversary of his administration, listed among his achievements an increase in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025.
Obi noted that the more than 100 per cent rise in revenue should ordinarily have reduced the need for borrowing. However, he expressed concern that the nation’s debt profile had continued to grow rapidly.
“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” he said.
The former Anambra State governor claimed that Nigeria’s total debt had risen to about N200 trillion, representing an increase of more than N100 trillion within the last three years.
He further argued that, beyond the increase in revenue and debt, the country had also benefited from earnings above budgeted revenue targets due to favourable global and regional economic developments.
Obi, however, maintained that key socio-economic indicators had deteriorated during the same period.
He cited rising multidimensional poverty, increasing unemployment and a decline in gross domestic product per capita as evidence that the gains from higher revenues and borrowing had not translated into improved living conditions for Nigerians.
“Just more and more hardship for Nigerians,” Obi stated.
He said both Nigerians and members of the international community were asking questions about the utilisation of the country’s financial resources.
“The question Nigerians and even the international community are asking is, ‘Where did all the money go?’” he asked.
Obi called for greater transparency and accountability in the management of public finances, insisting that citizens deserved a comprehensive explanation of developments in the economy since 2023.
He also urged the government to halt what he described as imprudent, opaque and unaccountable management of the nation’s resources.
The former Labour Party presidential candidate expressed optimism that Nigeria could still achieve sustainable growth and development through productive economic policies and prudent management of public resources.
(Ripples)
