“We Still Rank Low”: Peter Obi Blasts Tinubu Over External Borrowing
- Peter Obi has raised alarm over unproductive external borrowing by the President Bola Ahmed Tinubu’s administration
- The Labour Party (LP) presidential candidate in 2023 said the year-on-year increase is about N27.72 trillion and the quarter-on-quarter increase is about N4.72 trillion
- Obi said despite the loan there is little or nothing to show for it in critical areas such as education, healthcare, electricity generation
Legit.ng journalist Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues
FCT, Abuja - Labour Party (LP) presidential candidate in 2023, Peter Obi, said Nigeria is still ranked low in all major human development indicators despite many loans.
Obi said Nigeria’s current total debt is about N187 trillion under President Bola Ahmed Tinubu’s administration.
Source: Facebook
The former Anambra state governor said Nigeria’s debt might likely be over N200 trillion by the end of 2025.
He said Tinubu’s government has borrowed the equivalent of nearly 70% of the nation’s previous GDP.
A member of the opposition coalition against President Tinubu stated this via his X handle, @PeterObi.
Tinubu’s government would have borrowed about 50.16 % of the new GDP (with the approved loans), the highest debt-to-GDP ratio in our history as a nation.
Obi said there is little or nothing to show for the external borrowing in critical areas such as education, healthcare, electricity generation.
“We still rank low in all major human development indicators. While education is underfunded and standard in continuous decline, healthcare remains inaccessible to millions of Nigerians, particularly the poor. Security of lives and property has deteriorated with over 10,217 people killed and 672 villages sacked between May 29th, 2023, and May 29th, 2025, even when security spending has significantly increased from N2.98 trillion in 2023 to N4.91 trillion in 2025. Infrastructure decay persists across the country, with about 135,000km of our 195,000km of roads remaining unpaved, largely unmotorable, and unusable. It is the same depressing situation in almost all sectors of the economy, with the power sector an unquestionable example, with less than 5,000 MW supplied for over 200 million Nigerians. “
Source: Twitter
Senate backs Tinubu’s $21bn loan plan
Nigeria’s Senate backed President Bola Tinubu’s external borrowing plan of over $21 billion, anchoring the financial strategy for the 2025–2026 fiscal cycle.
The package includes multi-currency loans and domestic bonds earmarked for key sectors like infrastructure, security, housing, and digital connectivity.
With $3 billion allocated for revitalising the Eastern Rail Corridor, lawmakers say the plan reflects national inclusiveness and aligns with global economic best practices.
Tinubu lectures Nigerians on loan
Legit.ng earlier reported that Tinubu unveiled his 80-page Action Plan to rescue Nigeria dismissed the concerns about Nigeria’s rising debt portfolio.
Tinubu said the “whole of America should be in jail” if taking loans to build infrastructure and attract development is regarded as a crime.
He made the comment while delivering his speech at the launch of his campaign policy document at the state house in Abuja.
Source: Legit.ng
