Account for unused allocations,' Obi demands of Tinubu

Peter Obi, the presidential candidate of the Nigeria Democratic Congress, has criticized the excessive borrowing by the President Bola Tinubu-led administration, citing a lack of accountability in the process. The borrowings, according to Obi, have been made without transparency, prompting him to call for an explanation on the utilization of the funds.

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Obi's remarks were made in a post on his X handle on Tuesday, where he analyzed the borrowing habits of the All Progressives Congress-controlled federal government, starting from the Muhammadu Buhari era. He noted that President Bola Tinubu's administration has engaged in imprudent borrowing, resulting in a significant increase in Nigeria's total debt to approximately N200 trillion.

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This amount 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 pointed out that this would have projected to around N80 trillion, highlighting the unsustainable nature of the current debt accumulation.

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The situation is further exacerbated by the government's reckless approach to borrowing and the absence of accountability and transparency in the utilization of the funds, leaving millions of Nigerians grappling with the shock of this debt accumulation. As a result, Obi has challenged President Tinubu to explain the whereabouts of the undeployed funds.

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According to data from the Federation's Budget Office, the Bola Tinubu government borrowed N11.89 trillion in the first three quarters of 2025, exceeding the planned borrowing target of N10.34 trillion by approximately N1.54 trillion. This overshoot, Obi argued, would necessitate scrutiny and explanation from relevant governmental bodies under a responsible and accountable government.

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However, this is not the case under the current administration, with only N3.10 trillion of the borrowed funds allocated to capital expenditure during the same period. This amounts to a mere 17.66% of the N17.58 trillion earmarked for capital projects, leaving a deficit of roughly N14.48 trillion, or 82.34% of planned capital expenditure unfunded.

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The balance of the borrowed funds remains unaccounted for, with no explanation or information regarding its utilization or deployment, prompting Obi to question what happened to the balance. He asked whether it was used for recurrent expenditure, entertainment, or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund.

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Nigerians, Obi emphasized, deserve an answer on how the economy and resources are being managed, and he believes that a new and productive Nigeria is possible, affirming that Nigeria will be OK. Obi's call for accountability and transparency is a response to what he sees as the mismanagement of the country's economy and resources.