Former Labour Party presidential candidate Peter Obi has accused President Bola Tinubu’s administration of accumulating more debt than the previous administrations of Presidents Umaru Musa Yar’Adua and Goodluck Jonathan combined. Obi raised the alarm during a recent public address, expressing concern over the rising national debt and its potential impact on Nigeria’s economy.
Obi argued that the current government’s borrowing spree threatens the country’s fiscal stability and warned that excessive debt servicing could undermine future development projects. He stressed the need for prudent financial management and transparency to prevent the debt burden from crippling Nigeria’s economic progress.
Drawing comparisons with past administrations, Obi pointed out that while Yar’Adua and Jonathan’s governments borrowed to finance essential infrastructure and social programs, the scale of borrowing under Tinubu’s leadership appears unprecedented. He urged the government to prioritize debt reduction strategies and focus on sustainable economic reforms to safeguard the nation’s financial health.
Peter Obi’s comments have sparked renewed debate on Nigeria’s fiscal policies, with many Nigerians expressing concern over the government’s handling of public funds and the long-term consequences of escalating debt levels.
