Former presidential candidate of the Labour Party, Peter Obi, has expressed concern over Nigeria’s growing debt describing the current borrowing as lack of accountability.
Obi’s remarks is coming, following Senate’s recent approval on July 22, 2025, of an additional $21 billion, €2.2 billion, and ¥15 billion in external borrowing for the 2025–2026 fiscal cycle.
He also noted that the upper chamber approved a N750.98 billion domestic bond issuance and a €65 million grant.
The former governor of Anambra State in a post shared via his X page on Tuesday, added that the newly approved loans, estimated at about N37.2 trillion, would raise the total debt to approximately N187 trillion.
He warned that the figure could exceed N200 trillion by year-end.
Obi said: “As our GDP before rebasing was about N269.2 trillion (about $180 billion), the government has borrowed the equivalent of nearly 70% of our previous GDP.
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“Even after the rebasing, which pushed our GDP to about N372.8 trillion (about $243.7 billion), the 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.
“We are accumulating very exponential levels of unsustainable debt with little or nothing to show for it in critical areas such as education, healthcare, electricity generation, security of lives and property, and pulling people out of poverty.
“Over 10,217 people have been 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.
“Today, over two years after the present government took over and with all the humongous borrowing, we are still confronted with negative reports of worsening poverty with about 133 million (63%) Nigerians classified as multi-dimensionally poor.”
The post “Nigeria’s Debt May Surpass N200trn By End Of 2025” — Peter Obi Warns Tinubu’s Govt appeared first on Information Nigeria.
