The presidential candidate of the Nigeria Democratic Congress and former Anambra State Governor, Peter Obi, has raised concerns over what he described as a worsening Nigeria debt crisis, arguing that rising government revenue under President Bola Tinubu’s administration has been overshadowed by increased borrowing and declining socio-economic indicators. Obi said the Nigeria debt crisis is deepening despite reported improvements in revenue generation, calling for greater transparency in fiscal management.
In a statement issued on Wednesday via his X handle, Obi referenced the administration’s reported revenue growth from N16.8 trillion in 2022 to N35 trillion in 2025, describing it as an increase of over 100 per cent.
He, however, argued that the increase in revenue has not translated into reduced borrowing or improved economic conditions for citizens. His comments come amid ongoing national debates on public debt sustainability, inflation, and cost-of-living pressures. Obi’s statement follows a series of public criticisms directed at the current administration’s fiscal policies and debt profile.
Obi claimed that Nigeria’s total public debt has risen to about N200 trillion, describing the increase as “deeply disturbing.”
“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,” he said.
He further stated that higher revenue inflows were recorded due to global and regional geopolitical developments, but argued that this had not improved living conditions. Obi also claimed that key socio-economic indicators have worsened despite the reported revenue growth.
According to him, multidimensional poverty rose from 87 million people in 2023 to over 140 million in 2025, while unemployment increased and GDP per capita declined from $1,597 in 2023 to $1,223 in 2025.
“Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio-economic and governance indicators are worse than in 2023,” he said. Obi questioned the management of national resources, asking: “Where did all the money go?”
He called for greater transparency and accountability in public financial management, urging the government to provide detailed explanations on fiscal decisions since 2023. He also criticised what he described as “imprudent, unaccountable, and opaque management” of public resources.
The Presidency dismissed Obi’s claims, arguing that the debt figures cited did not fully reflect the structure and composition of Nigeria’s public debt.
Special Assistant to the President on Social Media, Dada Olusegun, stated that part of the debt profile predated the current administration, noting that the government inherited about N20 trillion in Ways and Means obligations, which were later securitised.
He also explained that state government debts contribute to the overall national debt profile and should not be attributed solely to the Federal Government. Olusegun further argued that exchange rate fluctuations significantly affect the naira valuation of external debt, impacting overall figures.
The exchange highlights ongoing political and economic debate over Nigeria’s fiscal trajectory, particularly around debt sustainability, revenue growth, and public accountability. While critics warn of a deepening Nigeria debt crisis, government officials maintain that debt composition and inherited obligations must be considered in any assessment.
The discussion reflects broader concerns about transparency, economic performance, and the impact of macroeconomic policies on citizens.
