The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called on President Bola Tinubu’s administration to give Nigerians a detailed account of how borrowed funds have been utilized, insisting that transparency and accountability must accompany every debt incurred on behalf of the nation.
Obi made the demand on Tuesday in a statement shared via his X account and circulated by the Peter Obi Media Reach (POMR), where he expressed concern over Nigeria’s rising debt profile and questioned the management of resources obtained through government borrowing.
The former Anambra State governor said the issue facing the country is no longer merely the size of its debt burden but the apparent absence of clear information on how the borrowed funds are being deployed to improve infrastructure, stimulate economic growth and enhance the welfare of citizens.
According to him, Nigeria’s public debt has climbed to nearly N200 trillion, representing one of the most significant increases in the nation’s borrowing history. He argued that while governments may resort to borrowing to finance development, such loans must be tied to visible projects and measurable outcomes.
Obi pointed to figures from the Budget Office showing that the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding the approved borrowing target of N10.34 trillion during the period.
He maintained that exceeding approved borrowing limits should ordinarily trigger robust public scrutiny and compel government agencies to provide explanations to citizens, particularly in a democracy where public officials are expected to remain accountable.
The former presidential candidate also questioned the relationship between the amount borrowed and actual capital spending, noting that only a fraction of the funds appeared to have been invested in development projects.
He said available data indicated that N3.10 trillion was spent on capital projects during the period under review, raising concerns about the utilization of the remaining borrowed resources.
Obi argued that Nigerians have a legitimate right to know how public funds are spent, especially at a time when many households are facing economic pressures arising from inflation, high living costs and declining purchasing power.
He stressed that accountability in public finance management is essential for building trust between government and citizens, adding that transparency would help assure Nigerians that borrowed funds are being directed toward projects capable of delivering long-term economic benefits.
The NDC presidential hopeful further urged the Federal Government to provide comprehensive disclosures on all loans obtained under the current administration, including details of projects financed, implementation status and expected outcomes.
According to him, prudent fiscal management and openness in government operations remain critical to addressing Nigeria’s economic challenges and ensuring that future generations are not burdened by debts whose benefits cannot be traced.
Obi concluded by reiterating his belief that Nigeria possesses the resources and capacity to achieve sustainable growth if public funds are managed efficiently and subjected to rigorous accountability standards.