Former Anambra State Governor and NDC presidential candidate for 2027 election, Peter Obi, has accused the administration of President Bola Tinubu of diverting borrowed funds to non-essential activities at the Presidential Villa while neglecting critical capital projects.
In a statement released on Tuesday, Obi scrutinised the federal government’s borrowing trajectory, noting that Nigeria’s total public debt has risen to approximately N200 trillion, an increase of over N100 trillion within three years.
He contrasted this with the roughly N49 trillion accumulated during the eight-year tenure of former President Muhammadu Buhari, which he said would have projected to about N80 trillion.
Citing data from the Federation’s Budget Office, Obi disclosed that the Tinubu government borrowed N11.89 trillion between January and September 2025, exceeding its planned 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”, Obi said.
The former governor further noted that only N3.10 trillion of the borrowed funds was allocated to capital expenditure during the same period. This represents just 17.66 per cent of the N17.58 trillion earmarked for capital projects, leaving a deficit of roughly N14.48 trillion, or 82.34 per cent 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,” Obi said.
He then posed a series of questions to the presidency, demanding transparency on the utilisation of public funds.
“What happened to the balance?. Was it deployed for recurrent expenditure or consumption, for the entertainment of guests to Aso Rock, or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund?”, he asked.
Obi argued that Nigerians deserve answers on how the nation’s resources are being managed, describing the situation as “most unpatriotically managed.”
He expressed optimism about the country’s future despite the current challenges. “A new and productive Nigeria is possible, and Nigeria will be OK,” he said.
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