‘Revenue doubled, debt hit N200tn’ — Peter Obi demands answers from Tinubu govt
Obi Questions Government’s Borrowing Amid Revenue Surge
Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC) and former governor of Anambra State, has raised concerns about the Federal Government’s borrowing practices. He argues that the significant increase in national revenue under President Bola Tinubu’s administration has not led to improvements in the living conditions of Nigerians.
Obi’s statements came in response to the President’s recent account of his administration’s performance after three years in office. President Tinubu highlighted a rise in government revenue from 16.8 trillion naira in 2022 to an anticipated 35 trillion naira in 2025 as a key achievement.
Despite this reported increase in revenue, Obi noted that Nigeria’s debt has continued to escalate. He stated, “Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case.” According to Obi, Nigeria’s total public debt has now reached approximately 200 trillion naira, representing an increase of over 100 trillion naira in just three years.
Obi pointed out that Nigeria benefited from greater-than-expected budget revenues during this period, due largely to global economic trends affecting commodity prices. However, he claimed that key socio-economic indicators have worsened.
“Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio-economic and governance indicators are worse than in 2023,” Obi said, citing rising multidimensional poverty, unemployment, and a decline in gross domestic product (GDP) per capita.
He noted that multidimensional poverty has escalated from approximately 87 million people in 2023 to over 140 million in 2025.
“This raises the question that Nigerians and the international community are asking: ‘Where did all the money go?’” Obi remarked. He called for enhanced transparency and accountability in the management of public resources and urged the government to provide a detailed explanation regarding the use of revenue and borrowed funds since 2023.
