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Peter Obi, the 2023 Labour Party presidential candidate, has urged the Nigerian government to put an end to economic irresponsibility, particularly with regard to unchecked and inexplicable borrowing that isn’t being used to fund the country’s productive industries.
On Friday, Obi called out the Federal Government’s proposed borrowing in a post on his verified X handle.
“The alarming revelation that the Federal Government intends to borrow almost ₦20 trillion in fresh loans to finance the 2026 budget jolted Nigerians awake again today. This comes at a time when our borrowing needs have increased by more than 72% and debt servicing alone is expected to consume almost half of our national revenue.
“We must ask the most crucial and sensible questions at a time when Nigerians are facing unparalleled suffering, insecurity, and unemployment: Where is the revenue from 2025?
While the 2024 budget is still being implemented, how can we be talking about trillions of dollars in fresh borrowing for 2026? One is actually concerned. This makes it very evident that the 2025 budget is still unaltered and unexecuted.
“So, even though we were informed that we had exceeded the revenue targets since August, where are all the revenues that accumulated in 2025?”
“It is time for us to put an end to this budgetary madness, particularly with unchecked and inexplicable borrowing that ends up in consumption rather than being invested in our country’s productive sectors.
“We cannot continue to use careless borrowing to mortgage our children’s futures. We can’t go on like this.
“I have said for years that Nigeria cannot borrow its way to development. Consuming more than producing does not lead to national development. They grow by manufacturing, exporting, and adding value while constructing robust institutions that guarantee responsibility and economical use of public resources.
“We cannot claim to Nigerians that revenue is rising while borrowing is rising to absurd, all-time highs. Transparency, not propaganda, is the foundation of governance.
“We cannot construct a new Nigeria based on false statistics, mounting debt, declining output, and ongoing adversity. We must advance as a nation,” he declared.
