‘Something Is Wrong’ — Peter Obi Alerts Nigerians Over Tinubu’s Fresh ₦20 Trillion Borrowing Plan

• Former Labour Party presidential candidate, Peter Obi, has criticised President Bola Tinubu’s administration over plans to borrow about ₦20 trillion to fund the 2026 budget, warning that Nigeria cannot borrow its way into prosperity.

Former Labour Party presidential candidate, Peter Obi, has expressed deep concern over what he described as the Federal Government’s excessive and uncontrolled borrowing, warning that the trend raises serious questions about governance in Nigeria.

Obi reacted to reports that the Federal Government has concluded plans to borrow about ₦20 trillion in new loans to finance the 2026 budget, despite claims by the Tinubu-led administration that it surpassed its 2025 revenue target as far back as August.

In a statement shared on his official X (formerly Twitter) page on Friday, the former Anambra State governor said the development sends conflicting signals to Nigerians and reflects what he termed “fiscal rascality.”

According to Obi, the proposed borrowing is particularly troubling at a time when debt servicing is projected to consume nearly half of the country’s national revenue, while borrowing requirements have reportedly surged by over 72 percent.

“Today, Nigerians woke up again to the troubling news that the Federal Government is planning to borrow about ₦20 trillion in new loans to finance the 2026 budget,” Obi said.

“At a time when Nigerians are struggling under unprecedented hardship, insecurity, and unemployment, we must ask the most important and logical questions: where is the revenue from 2025?”

He questioned how the government could be discussing trillions of naira in new borrowing for 2026 when the 2024 budget is still being implemented, suggesting that the 2025 budget may be largely untouched.

“How can we be discussing trillions in new borrowing for 2026 when we are still implementing the 2024 budget? One is genuinely worried,” he stated.

Obi further queried the whereabouts of revenues reportedly generated in 2025, especially after assurances that revenue targets had been exceeded months earlier.

“So, where are all the revenues that accrued in 2025, even when we were told that we had surpassed the revenue targets since August?” he asked.

Calling for an end to what he described as reckless fiscal behaviour, Obi urged the government to halt borrowing that is not tied to productive and developmental investments.

“It is time for us to stop this fiscal rascality, especially uncontrolled and unexplained borrowing that is not being invested in the productive sectors of our nation but instead ends up in consumption,” he said.

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“We cannot keep mortgaging the future of our children through thoughtless borrowing. We cannot continue this way.”

The former governor reiterated his long-held position that Nigeria cannot achieve prosperity through debt, stressing the need for production, export, and value creation.

“For years, I have consistently maintained that Nigeria cannot borrow its way into prosperity. Nations do not develop by consuming more than they produce. They develop by producing, exporting, and creating value, while building strong institutions that ensure accountability and efficient use of public funds,” Obi added.

He concluded by warning that governance must be anchored on transparency rather than propaganda, insisting that Nigeria cannot be rebuilt on rising debts, shrinking production, and continuous hardship.

Peter Obi has remained a vocal critic of several policies of the Tinubu administration, positioning himself as one of the prominent opposition voices in the country.