Peter Obi, the 2023 Labour Party presidential candidate, has urged the Nigerian government to put an end to economic irresponsibility, particularly with regard to unchecked and inexplicable borrowing that isn’t being put toward the country’s productive industries.
Obi decried the proposed borrowing by the Federal Government in a post on his verified X Twitter on Friday.
The alarming revelation that the Federal Government intends to take out new loans totaling roughly ₦20 trillion to fund the 2026 budget was brought to Nigerians’ attention once more today. This is at a time when our borrowing needs have increased by more than 72% and debt servicing alone is expected to consume nearly half of our national income.
“We need to ask the most crucial and reasonable questions at a time when Nigerians are facing unparalleled suffering, insecurity, and unemployment: Where is the revenue from 2025?
“While we are still carrying out the 2024 budget, how can we be talking about trillions in fresh borrowing for 2026? There is genuine concern. This makes it extremely evident that the 2025 budget has not yet been altered or put into action.
“Even though we were informed that we had exceeded the sales projections since August, where are all the revenues that accumulated in 2025?
It’s time for us to put an end to this budgetary madness, particularly with unchecked and inexplicable borrowing that ends up in consumption rather than being invested in our country’s productive sectors.
“We cannot continue to use careless borrowing as a mortgage on our children’s future. We can’t keep doing this.
“I have said for years that Nigeria cannot borrow its way to development. When a country consumes more than it produces, it does not grow. They grow by manufacturing, exporting, and adding value while establishing robust institutions that guarantee responsibility and economical use of public monies.
“We cannot claim to Nigerians that revenue is rising while simultaneously pushing borrowing to absurdly high levels. Transparency is the foundation of governance, not propaganda.
“We cannot construct a new Nigeria based on false statistics, mounting debt, declining output, and ongoing suffering. He declared, “Our country must advance.”
