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 is not being used to fund the country’s productive industries.
Obi called out the Federal Government’s proposed borrowing in a post on his verified X handle on Friday.
“The alarming news that the Federal Government intends to borrow roughly ₦20 trillion in new loans to finance the 2026 budget woke Nigerians up again today.” This occurs at a time when our borrowing needs have increased by more than 72% and debt servicing alone is expected to consume nearly half of our national income.
“We need to address 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 we are still carrying out the 2024 budget, how can we be talking about trillions in fresh borrowing for 2026? One is truly concerned. This indicates unequivocally that the 2025 budget remains unaltered and unexecuted.
“So, even though we were informed that we had exceeded the sales projections since August, where are all the revenues that accumulated in 2025?
“It’s 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 must continue to use careless borrowing to mortgage our children’s futures. This is not how we can go.
“I have continuously argued for years that Nigeria cannot borrow its way to prosperity. Consuming more than they generate does not lead to national development. They grow by manufacturing, exporting, and adding value while establishing robust institutions that guarantee responsibility and economical use of public resources.
“We cannot claim to Nigerians that revenue is rising while simultaneously raising borrowing to absurdly high levels. Transparency, not propaganda, must be the foundation of governance.
“We cannot construct a new Nigeria based on false statistics, growing debt, declining output, and ongoing adversity. “Our country needs to advance,” he declared.
