Peter Obi debt criticism highlights Nigeria’s rising public debt from N87 trillion to nearly N200 trillion, calling for accountable borrowing tied to measurable outcomes for citizens
Peter Obi, the 2027 presidential candidate of the Nigeria Democratic Congress and former 2023 Labour Party presidential candidate, has voiced serious concern over Nigeria’s escalating debt profile, arguing that massive borrowings have failed to deliver tangible improvements in the lives of ordinary citizens.
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The outspoken politician made the remarks on his X handle on Thursday, June 18, 2026, while contrasting Nigeria’s approach with South Africa’s recent transparent $1 billion loan from the New Development Bank.
Obi acknowledged that borrowing is not inherently wrong but stressed the need for full transparency on the purpose of each loan and demonstrable results from funds raised in the name of the people.
He praised South Africa’s model, where the facility is earmarked for upgrading water systems, modernising sanitation, improving electricity distribution and enhancing waste management in major cities including Johannesburg, Cape Town and Durban.
“Borrowing must never become an end in itself. Every loan obtained in the name of the Nigerian people must be tied to a specific, productive investment, capable of generating economic value, creating jobs, reducing poverty and improving the welfare of citizens,” Obi stated.
Public debt in Nigeria has risen sharply from about N87 trillion in 2023 to nearly N200 trillion under the current administration.
Despite this increase, Obi lamented the lack of adequate information on how the funds have been deployed to transform critical sectors such as education, healthcare, electricity, security and infrastructure.
The former Anambra State governor emphasised that good governance demands accountability, urging authorities to clearly explain what was borrowed, where the resources were invested and the measurable outcomes achieved.
At a time when millions of Nigerians face rising living costs, unemployment, insecurity and declining purchasing power, he described fiscal discipline as an urgent necessity.
Obi warned that failure to ensure prudent management could burden future generations with today’s debts, calling on the government to make every borrowing decision answer one fundamental question: how does it improve the life of the ordinary Nigerian?
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This latest intervention adds to Obi’s consistent advocacy for responsible economic management and echoes growing public calls for greater oversight of national finances amid ongoing economic challenges.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
