Former presidential candidate of the Labour Party, Peter Obi, publicly criticized President Bola Tinubu’s handling of public borrowing and demanded clarity about unspent government funds.
Writing on X on Tuesday, June 9, 2026, Obi said the All Progressives Congress–led federal government has continued a pattern of imprudent borrowing that began under the previous administration, driving Nigeria’s total debt to roughly N200 trillion.
Obi argued the scale of borrowing under Tinubu’s three-year tenure shows poor fiscal discipline and called on the president to explain how borrowed sums were used, and to account specifically for funds that appear not to have been deployed.
This he said, “represents an increase of over N100 trillion within a mere three years, a stark contrast to the roughly N49 trillion accumulated during President Muhammadu Buhari's eight-year tenure, which would have projected to around N80 trillion.
"As millions of Nigerians grapple with the shock of this unsustainable debt accumulation, the situation is exacerbated by the government's reckless approach to borrowing and a profound absence of accountability and transparency in the utilisation of these funds.
"For instance, data from the federation's Budget Office reveals that the Bola Tinubu government borrowed N11.89 trillion in the first three quarters of 2025 (January to September), exceeding the planned borrowing target of N10.34 trillion by approximately N1.54 trillion.
"Under a responsible and accountable government, such an overshoot would necessitate rigorous scrutiny and explanation from relevant governmental bodies.
"Regrettably, this is not the reality under the current administration.
Compounding this issue, only N3.10 trillion of the borrowed funds was allocated to capital expenditure during the same January-September 2025 period, Obi pointed, adding, "This constitutes a mere 17.66% of the N17.58 trillion earmarked for capital projects, leaving a deficit of roughly N14.48 trillion, or 82.34% of planned capital expenditure unfunded.
"The most disturbing aspect of the financial management fiasco under Bola Tinubu is that there is no explanation or information regarding how the balance was utilised or deployed.
"The question that Nigerians are rightly asking that deserves an answer is: What happened to the balance? Was it deployed for recurrent expenditure/consumption, for the entertainment of guests to Aso Rock or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund?
He urged transparency and accountability to protect public finances and restore citizens’ trust in government spending.
“Nigerians deserve an answer on how our economy and resources are most unpatriotically managed! A New and Productive Nigeria is Possible, and Nigeria will be OK!” Obi said.
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