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…Says FG’s excessive borrowing without accountability affirms imprudent governance
By Chinelo Obogo
Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has blasted the administration of President Bola Tinubu, accusing the Federal Government of reckless borrowing, financial mismanagement, and lack of accountability in the deployment of public funds.
Obi, in a post made on his X handle on Tuesday, said the Tinubu administration had driven Nigeria’s total debt to approximately N200 trillion through what he described as “remarkably imprudent borrowing,” warning that the trajectory was unsustainable and deeply damaging to the nation’s economic future.
Citing data from the Federation’s Budget Office, the former Anambra State governor disclosed that the Federal Government borrowed N11.89 trillion in the first three quarters of 2025 from January to September exceeding its own planned borrowing target of N10.34 trillion by approximately N1.54 trillion.
He said under a responsible and accountable government, such an overshoot would necessitate rigorous scrutiny and explanation from relevant governmental bodies but that this is not the reality under the current administration.
He said more alarming is the gross underfunding of capital expenditure during the same period and of the N17.58 trillion earmarked for capital projects, only N3.10 trillion which is 17.66%, was actually allocated. This leaves a deficit of approximately N14.488 trillion, or 82.34% of planned capital expenditure, completely unfunded.
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The former governor questioned where the balance of borrowed funds was deployed, given that capital projects received only a fraction of what was planned.
Obi described the absence of any official explanation for the unaccounted funds as “the most disturbing aspect of the financial management fiasco” under the Tinubu government. He demanded transparency, pointedly asking whether the unspent funds were channelled into recurrent expenditure, used for entertainment at Aso Rock, or diverted to what he called a “Renewed Hope Agenda 2027 Election Campaign Fund.”
He said: “Data from the Federation’s Budget Office reveals that the Bola Tinubu government borrowed N11.89 trillion in the first three quarters of 2025 (January to September), exceeding the planned borrowing target of N10.34 trillion by approximately N1.54 trillion. Under a responsible and accountable government, such an overshoot would necessitate rigorous scrutiny and explanation from relevant governmental bodies. Regrettably, this is not the reality under the current administration.
“Compounding this issue, only N3.10 trillion of the borrowed funds was allocated to capital expenditure during the same January-September 2025 period. This constitutes a mere 17.66% of the N17.58 trillion earmarked for capital projects, leaving a deficit of roughly N14.4N14.488 trillion, or 82.34% of planned capital expenditure unfunded.
“The most disturbing aspect of the financial management fiasco under Bola Tinubu is that there is no explanation or iTinubu is that there is no explanation or information regarding how the balance was utilised or deployed. The question that Nigeriansnformation regarding how the balance was utilised or deployed.
“The question that Nigerians are rightly asking and deserve anNigerians answer to is what happened to the balance? Was it deployed for recurrent expenditure/ consumption, for the entertainment of guests to Aso Rock or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund? Nigerians deserve an answer on how our economy and resources are most unpatriotically managed.”
