Peter Obi Raises Alarm That Bulk Of N200trn Nigerian Loans Under Tinubu Disappear Without Trace
https://twitter.com/PeterObi/status/2064302668709818590
EXCESSIVE BORROWING WITHOUT ACCOUNTABILITY: FURTHER AFFIRMATION OF IMPRUDENT GOVERNANCE.
President Bola Tinubu’s administration has engaged in remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately N200 trillion. This 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. 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 and deserve an answer to 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? Nigerians deserve an answer on how our economy and resources are most unpatriotically managed.
Exponential increase in revenue with excessive borrowing: Yet more hardship for Nigerians!
In celebrating three years of his administration, President Bola Tinubu included, among his achievements, an increase in revenue from N16.8 trillion in 2022 to N35 trillion in 2025. An…
— Peter Obi (@PeterObi) June 10, 2026
EXPONENTIAL INCREASE IN REVENUE WITH EXCESSIVE BORROWING: YET MORE HARDSHIP FOR NIGERIANS!
In celebrating three years of his administration, President Bola Tinubu included, among his achievements, an increase in revenue from N16.8 trillion in 2022 to N35 trillion in 2025. An increase of over 100%.
Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case. In just three years, President Bola Tinubu’s government seems to be obsessed with excessive and imprudent borrowing, with our total debt currently about N200 trillion—a deeply disturbing increase of over N100 trillion.
In addition to the exponential increases in both revenue and debt, it is also important to note that Nigeria has earned far more than the budget revenue targets due to global and regional geoeconomic and political tensions.
Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio-economic and governance indicators are worse than in 2023. Multi-dimensional poverty has increased from 87 million people in 2023 to over 140 million people in 2025. Rapidly increasing unemployment and a decline in GDP per capita from $1,597 in 2023 to $1,223 in 2025, and the list goes on.
Just more and more hardship for Nigerians! The question Nigerians and even the international community are asking is, “Where did all the money go?”
Nigerians deserve a detailed and transparent explanation of what happened to our economy and financial resources since 2023, and a stop to the imprudent, unaccountable, and opaque management of our common patrimony.
A new and productive Nigeria is POssible, and Nigeria will be OK!
