08/07/2025
Former Labour Party presidential candidate, Peter Obi has raised alarm over Nigeria’s rising debt profile, stating that the country’s total debt has more than doubled since former President Muhammadu Buhari left office, without any visible improvement in the nation’s infrastructure or economy.
Speaking during an interview on Channels Television, Obi expressed deep concern about the fiscal direction of the Bola Tinubu-led administration, describing the current borrowing trend as reckless and unproductive.
“As at the time Buhari left, Seun, our debt was about N80 trillion. Today we are almost N180 trillion without anything to show for it,” Obi said, addressing the programme host, Seun Okinbaloye.
The former Anambra State governor criticized the government’s continued reliance on loans without a clear strategy for economic growth or investment in productive ventures. According to him, the country’s rising debt should have at least reflected in improved infrastructure, healthcare, education and overall quality of life for Nigerians, but that has not been the case.
Obi warned that the current fiscal trajectory could lead Nigeria into deeper economic turmoil if urgent reforms are not implemented. He stressed the importance of investing borrowed funds in sectors that can yield returns, stimulate job creation, and boost productivity.
His comments come amid widespread concerns over inflation, poverty, and economic hardship. Many Nigerians continue to grapple with the rising cost of living and stagnant wages, prompting growing scrutiny of the government’s economic management and debt accumulation strategies.
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