Peter Obi, the 2023 presidential candidate of the Labour Party, has expressed concern over Nigeria’s growing debt, increasing insecurity, and escalating poverty under President Bola Tinubu’s administration.
He cautioned that the country is on the brink of a severe fiscal and developmental crisis if these issues are not addressed.
In a statement released on Monday, Obi criticized the National Assembly’s recent approval of significant new external and domestic borrowings.
He highlighted a “worrying lack of accountability, transparency, and tangible impact” on the lives of Nigerians as a major concern.
“On July 22, 2025, the Senate approved additional borrowings of $21 billion, €2.2 billion, and ¥15 billion, along with a ₦750.98 billion domestic bond issuance and a €65 million grant. When added to our existing public debt of ₦149.39 trillion as of Q1 2025, we are now staring at a total debt burden of about ₦187 trillion,” Obi said.
He warned that Nigeria’s total debt could cross ₦200 trillion by the end of the year, while noting that the country’s GDP-to-debt ratio has reached historic highs.
“Before rebasing, our debt was equivalent to nearly 70% of our GDP. After rebasing—which pushed the GDP to ₦372.8 trillion (about $243.7 billion)—our debt still stands at over 50.16% of GDP, the highest in our history,” he added.
Despite this massive borrowing, Obi said Nigerians continue to suffer from deteriorating living conditions across key sectors.
The former Anambra State Governor argued that despite the ₦4.91 trillion budgeted for security in 2025—up from ₦2.98 trillion in 2023, security has not improved
“Between May 29, 2023, and May 29, 2025, over 10,217 people were killed, and 672 villages were sacked across the country. How do we explain this horrific outcome despite the trillions spent on security?” he asked.
Obi noted that the state of insecurity, especially in rural communities, continues to drive displacement, hunger, and poverty.
“It is disheartening that while our people are being slaughtered and driven from their homes, we keep approving loans without demanding results from those tasked with protecting lives and property.