THE Presidential candidate of the Nigeria Democratic Congress (NDC) and former Anambra State Governor, Peter Obi, has challenged the economic performance claims of President Bola Ahmed Tinubu, arguing that rising government revenue has not translated into improved living conditions for Nigerians.
In a statement posted on his X account yesterday, Obi reacted to the administration’s three-year performance review, which highlighted an increase in government revenue from ₦16.8 trillion in 2022 to ₦35 trillion in 2025.
While acknowledging the revenue growth, he expressed concern over what he described as continued excessive borrowing despite the reported increase in earnings.
According to Obi, Nigerians had expected the government to reduce its dependence on borrowing as revenue improved. Instead, he noted that the country’s total debt has climbed to about ₦200 trillion, representing an increase of more than ₦100 trillion within the past three years.
“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” Obi stated, describing the debt accumulation as alarming and unsustainable.
The former governor also argued that part of the revenue increase was driven by global and regional geopolitical developments that boosted inflows beyond budget projections.
Beyond debt concerns, Obi maintained that key socio-economic indicators have deteriorated under the current administration.
He alleged that multidimensional poverty had increased from 87 million people in 2023 to more than 140 million in 2025, while unemployment rose and GDP per capita declined from $1,597 in 2023 to $1,223 in 2025.
Despite what he described as unprecedented increases in both revenue and borrowing, Obi questioned the impact of government spending on citizens’ welfare.
“Where did all the money go?” he asked, calling for greater transparency and accountability in the management of public finances.
He further urged the government to provide a comprehensive explanation of Nigeria’s economic management since 2023 and to abandon what he termed imprudent and opaque handling of public resources.
The remarks follow a similar criticism made by Obi on Tuesday, when he accused the administration of excessive borrowing and poor fiscal discipline.
He argued that the current debt profile far exceeded the approximately ₦49 trillion accumulated during the eight-year administration of former President Muhammadu Buhari.
The Presidency, however, dismissed Obi’s claims, insisting that a substantial portion of the debt burden predates the current administration.
Presidential aide Dada Olusegun noted that the government inherited about ₦20 trillion in Ways and Means debt, which was later securitized.
Olusegun also argued that Nigeria’s overall public debt includes obligations incurred by state governments and should not be attributed solely to the Federal Government.
He explained that fluctuations in exchange rates significantly influence the naira value of external debt, making direct comparisons more complex.
