Tinubu has borrowed more in three years than Buhari did in eight years — Peter Obi

Presidential candidate of the Nigeria Democratic Party (NDC), Peter Obi, has criticised the borrowing profile of President Bola Ahmed Tinubu’s administration, alleging that the current government has accumulated more debt in three years than was incurred during the eight-year administration of former President Muhammadu Buhari.

Obi made the claim on Tuesday while expressing concerns over Nigeria’s growing debt burden and what he described as a lack of transparency in the management of borrowed funds.

According to Obi, Nigeria’s total debt has risen to about N200 trillion under the Tinubu administration, representing an increase of over N100 trillion within three years.

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“President Bola Tinubu’s administration has engaged in remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately N200 trillion. This represents an increase of over N100 trillion within a mere three years, a stark contrast to the roughly N49 trillion accumulated during President Muhammadu Buhari’s eight-year tenure,” Obi said.

The former Anambra State governor also questioned the utilisation of funds obtained through borrowing, arguing that available government records do not sufficiently explain how a significant portion of the loans was spent.

Citing data from the Budget Office of the Federation, Obi stated that the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding its planned borrowing target of N10.34 trillion by about N1.54 trillion.

He further noted that only N3.10 trillion was allocated to capital expenditure during the same period, representing 17.66 per cent of the N17.58 trillion budgeted for capital projects.

Obi said the disparity between borrowing and capital spending raises critical questions about the deployment of public funds.

“The most disturbing aspect is that there is no explanation or information regarding how the balance was utilised or deployed. Nigerians deserve answers on how the nation’s resources are being managed,” he said.

He called for greater accountability and transparency in public finance management, insisting that citizens have a right to know how borrowed funds are spent.

The Federal Government had not responded to Obi’s claims as of the time of filing this report.