Peter Obi Slams Nigeria’s N187 Trillion Debt, Warns of Unsustainable Borrowing and Deepening Poverty

Peter Obi Slams Nigeria’s N187 Trillion Debt, Warns of Unsustainable Borrowing and Deepening Poverty

Former presidential candidate, Peter Obi has raised alarm over Nigeria’s escalating public debt, which he estimates at N187 trillion following the Senate’s approval of $21 billion, €2.2 billion, ¥15 billion in external borrowing, a N750.98 billion domestic bond issuance, and a €65 million grant for the 2025–2026 fiscal cycle. In a detailed post on X, Obi warned that the nation’s debt could surpass N200 trillion by the end of 2025, describing the borrowing as unsustainable and detrimental to Nigeria’s future.Obi highlighted that the approved loans, equivalent to about N37.2 trillion, have pushed Nigeria’s debt-to-GDP ratio to an unprecedented 50.16% based on the rebased GDP of N372.8 trillion ($243.7 billion). He noted that even before rebasing, the government had borrowed nearly 70% of the previous GDP of N269.2 trillion ($180 billion). “We are accumulating very exponential levels of unsustainable debt with little or nothing to show for it,” Obi stated, pointing to the lack of progress in critical sectors like education, healthcare, security, and infrastructure.He criticized the government’s fiscal management, noting that despite increased security spending from N2.98 trillion in 2023 to N4.91 trillion in 2025, over 10,217 people were killed and 672 villages sacked between May 2023 and May 2025. Obi also highlighted the dire state of infrastructure, with 135,000 km of Nigeria’s 195,000 km of roads remaining unpaved and largely unusable. The power sector, he added, continues to falter, supplying less than 5,000 MW for over 200 million Nigerians.Obi expressed deep concern over worsening poverty, citing reports of 133 million Nigerians (63%) classified as multi-dimensionally poor and a malnutrition crisis in Northern Nigeria, where 652 children have died, according to Médecins Sans Frontières (MSF). “This is a country blessed with enormous resources, yet nobody should go to bed hungry,” he said, attributing the crisis to a “persistent deficiency in leadership.”Calling for an end to “fiscal indiscipline,” Obi argued that borrowing is not inherently bad if tied to productive investments with measurable outcomes. However, he condemned the current pattern of borrowing as lacking accountability, transparency, and transformational impact, warning that it is “mortgaging the future of our children.” He urged a return to prudent economic management, including cutting governance costs, blocking financial leakages, and investing in human capital to build a productive economy.The former Anambra governor, concluded with a call for a “New Nigeria” focused on responsible leadership and people-centered development, where every kobo spent delivers measurable impact. “A new Nigeria is POssible,” he affirmed, rallying for sustainable and inclusive growth.  

Source: Peter Obi Slams Nigeria’s N187 Trillion Debt, Warns of Unsustainable Borrowing and Deepening Poverty

 - NigerianEye
Invest in US dollars: https://hashflare.io/r/CF2F6691