Former presidential candidate Peter Obi has criticised the Federal Government’s reported plan to borrow about ₦20 trillion to finance the 2026 budget, warning that Nigeria is heading toward unsustainable debt levels amid worsening economic hardship.
In a statement on Friday, Obi said the proposal comes at a time when debt servicing is projected to consume nearly half of the nation’s revenue, while the government’s borrowing requirement has risen by more than 72 percent. He questioned why new loans were being considered when the 2024 budget is still being implemented and the status of the 2025 budget remains unclear.
“At a time when Nigerians are struggling under unprecedented hardship, insecurity and unemployment, we must ask the most important and logical questions: Where is the revenue from 2025?” he said. “How can we be discussing trillions in new borrowing for 2026 when we are still implementing the 2024 budget?”
Obi argued that the situation suggests the 2025 budget “is still untouched and unimplemented,” despite government claims that revenue targets were surpassed as early as August.
He condemned what he described as “fiscal rascality,” accusing the government of engaging in uncontrolled borrowing that is not directed toward productive sectors of the economy. “We cannot keep mortgaging the future of our children through thoughtless borrowing,” he said.
Obi reiterated his long‑held position that Nigeria cannot “borrow its way into prosperity,” stressing that sustainable development depends on production, exports, value creation and strong institutions that ensure accountability.
“We cannot tell Nigerians that revenue is increasing while simultaneously increasing borrowing to ridiculous historic levels,” he said. “Governance must be built on transparency, not propaganda.”
He warned that Nigeria cannot build a stable future on “misleading figures, rising debts, shrinking production and continuous hardship,” urging the government to adopt a more responsible fiscal approach.
“Our nation must move forward,” he added.
