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Tinubu has borrowed Nigeria blind – Obi *Laments neglect of key growth areas
“The administration’s recent external borrowing alone includes about $6 billion (from First Abu Dhabi Bank in the UAE—$5 billion, and UK Export Finance via Citibank London—$1 billion), a further $1.25 billion under consideration from the World Bank, and an additional $516 million arranged through Deutsche Bank, bringing the latest known external loan commitments to roughly $7.8 billion. In addition, domestic borrowing through monthly bond issuances continues to add to the overall debt stock.”
These were the words with which Peter Obi, candidate of the Labour Party (LP) in the 2023 presidential election, bewailed the recklessness with which the administration of President Bola Tinubu is handling the Nigerian economy as seen in his indiscriminate borrowing.
Obi, who cried out on Monday, particularly referred to the revelation of the President that Nigeria would be spending a whopping $11.6 billion on debt repayments in 2026 should, saying the development should worry Nigerians and raise broader questions about the current government’s fiscal priorities.
Using his X platform to call national attention to the development, Obi, though argued that there was nothing inherently wrong with borrowing when it was guided by prudence and directed toward productive investment, regretted that the Nigeria’s situation was markedly different.
He added: “A huge proportion of past borrowing has been directed toward consumption, with limited visible or sustainable developmental outcomes to justify the scale of indebtedness. It is also important to note that a huge portion of the debt currently being serviced was accumulated under the Tinubu administration itself, while borrowing has continued at a significant pace.
Against this backdrop, Obi noted that Nigeria’s 2026 budget shows that health is ₦2.46 trillion, education is ₦2.56 trillion, and poverty alleviation is ₦865 billion, giving a combined total of about ₦5.885 trillion for these three critical sectors.
By comparison, Obi explained that debt servicing at about $11.6 billion (approximately ₦17–₦18 trillion, depending on exchange rate assumptions) is almost three times higher than the total allocation to health, education, and social protection combined.
“This imbalance highlights a troubling fiscal reality in which debt obligations increasingly crowd out investment in human capital and poverty reduction. Moreover, even within the limited allocations to these sectors, funds may not be fully released, and a significant portion of what is eventually released could be misappropriated.
Citing countries such as Japan, the United Kingdom, the United States, the United Arab Emirates, Singapore, and Indonesia listed among the heavily indebted nations, he argued that their borrowings were largely channelled into education, healthcare, infrastructure, and innovation – sectors that generate long-term economic returns and sustain repayment capacity.
“As a result, despite high debt levels, their obligations remain more manageable because they are tied to measurable productivity, he said adding that ultimately, the central issue was not borrowing itself, but whether borrowed funds were being converted into measurable productivity, inclusive growth, and improved living standards.
Without this, Obi said, debt servicing shifts from being a temporary fiscal obligation to a long-term structural burden that constrains development and deepens economic vulnerability”, he noted.
His reaction comes days after President Bola Tinubu, while speaking at the recent Africa Forward Summit in Nairobi, Kenya, co-hosted by Emmanuel Macron and William Ruto, disclosed that Nigeria is projected to spend approximately $11.6 billion on debt servicing in 2026.
Obi and Kwankwaso, the presidential candidates of the Labour Party (LP) and New Nigeria Peoples Party (NNPP), respectively, in the 2023 elections, joined the Nigeria Democratic Congress (NDC) recently.
The move came a few months after the duo teamed up with the coalition under the African Democratic Congress (ADC).
They cited a worsening political climate marked by internal crises, external interference, and growing hostility within party structures.
For those believing that President Bola Tinubu’s exclusion of Humphrey Nwosu, the late Chairman of the defunct National Electoral Commission (NEC), was an error that would be corrected subsequently, their expectation came to naught on Friday, with his non-recognition once again.
In a surprise outing, the President failed once again to name the late Professor of Political Science as one of the Nigerians honoured, on the day Nigerians would be celebrating this year’s anniversary of June 12, designed to mark the historic 1993 presidential election, which has now been designated as Nigeria’s Democracy Day.
It was a day Moshood Kashimawo Olawale Abiola (MKO), the candidate of the defunct Social Democratic Party (SDP), was elected President in a transition programme undertaken by the military government of then President Ibrahim Badamasi Babangida (IBB).
Expectations are that because the Option A4 model used in achieving the outcome of the election, acknowledged as the freest and fairest election in Nigerian history, the late electoral commission’s boss, would feature prominently in the list of those to be honoured by the government.
But another list contained in the national broadcast by the President, suggested that the position of the treatment meted to the former NEC Chairman, reflected the thinking in the All Progressives Congress (APC), as the late President Muhammadu Buhari, Tinubu’s predecessor, under whom June 12 was given national recognition.
The list, populated mainly by names from the South West, which included both civilians and military personnel, did not capture the category of national honours to be bestowed on the recipients, as the government said further information would be released in due course.
Prominent among those recognized, was Shehu Musa Yar’Adua, a General and former Chief of Army Staff, Supreme Headquarters between 1976 and 1979, under the military regime of Olusegun Obasanjo, who died in Abakaliki Prison in 1997, where he was detained for allegedly participation in carrying out a coup against Sani Abacha, then Head of State.
Tinubu, said the completed Institute of Petroleum Studies, Kaduna, would now be known as General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology, to honour the General, who later became a prominent figure in Nigerian politics, “for his vision of national partnership.”
Listing the other names, Tinubu said: “I am also pleased to announce national awards to the following Nigerians, who suffered persecution, endured indignities, exile, incarceration, and, at times, solitary confinement, so that we have democracy today.”
The recipients included: Ayoka Lawani, Tunde Fagbenle, Oladele Alake, Olatunji Bello, Louis Odion, Segun Babatope, Sam Omatseye, Ademola Osinubi, Bola Bolawole and the duo of Lade Bonuola, former Managing Director of The Guardian and Femi Kusa, former Editor of the Nigerian foremost newspaper.
Others, were: Debo Adeniran, Ayo Opadokun, Chief Ralph Obiora, Ose Osayande, Osa Director, Sylvester Odion-Akhaine, Arthur Nwankwo (Posthumous) and Osagie Obayuwana, all pro-democracy activists.
The list also included Joe Okei-Odumakin , Titus Mann, Joe Igbokwe, Richard Akinnola, Ben Charles-Obi (Posthumous), George Mbah Niran Malaolu, Ishola Williams, a retired Major-General, Femi Aborisade, Jenkins Alumona, Gbemiga Ogunleye, Muyiwa Adekeye, Babajide Kolade-Otitoju and Ike Okonta.
“We also recognise the soldier-democrats of the June 12 struggle: Major General MA Garba, Brigadier General Lawal Jaafaru Isa, Col Umar Farouk Ahmed; Col Sambo Dasuki;
Col Lawan Gwadabe; Brigadier Jonathan Ndam Temlong, Col Musa Shehu; Major General Chris Eze; Major General Harris Dzarma; Col Isa Jibrin; Maj. General Joseph Oshanupin; Col Olusegun Oloruntoba, Olugbede of Gbede Kingdom), Lieutenant Colonel Happy Kefas Bulus, Col J Okai;
Col Emmanuel Ndubueze; Lt Col Yakubu Muazu and Brigadier Yahaya Abubakar, the Current Etsu Nupe, who is already the holder of the CFR title.”
From Godswill Obot Akpabio, Senate President, came a definitive message to Nigerians on Friday – the future is bright, the road is clear and destination is assured under a strong, visionary and purposeful democratic leadership of President Bola Tinubu.
But he also raised a proviso – since democracy is participatory all citizens of the country, must get involved in providing the planks, which when nailed together, would enable the leaders fortify the platform for its growth, to enhance a robust, viable future.
These formed the fulcrum of his admonishment, as he joined other national leaders to celebrate Nigeria’s 27th anniversary of uninterrupted democracy, in which it not only broke the vice grip of military rule, but witnessed seven election circles to choose leaders at both national and other levels of government.
Akpabio, Chairman of the National Assembly, Nigeria’s lawmaking institution, was particular about the participation of the Nigerian youths in making his admonition come true, reminding them that they actually owned the future being fashioned today.
Conveying his message through Eseme Eyiboh, his spokesman the former Governor of Akwa Ibom State and former Minister of Niger Delta, also called on Nigerians to embrace unity, vigilance, and active participation in nation-building, commending them for showcasing resilience and support for democracy despite some low moments.
Noting that democratic experiment remained a testimony of endurance despite years of agitations, he said: “On behalf of the 10th National Assembly, I congratulate every Nigerian for the sustenance of democracy for close to three decades. Mistakes have been made in the course of this journey but we will surely get to the desired destination with your support.”
“Democracy should extend beyond the conduct of elections and be anchored on accountability, justice, compassion and service to the common good.”
Particularly for the Nigerian youths, he was emphatic about their active participation in the nation’s political process stressing that the younger generation forms the fulcrum of leadership succession.
Hear him: “As we commemorate June 12, I wish to encourage the youth not to sit on the fence but be active participants in the nation’s political activities. The youths constitute the fulcrum of those who will succeed us tomorrow.
“Let us therefore rededicate ourselves to the ideals of freedom, transparency and accountable government, social justice, and active citizen participation, especially the youths.”
The Senate President, also spoke the current parlous state of carnage in the country, appealing to Nigerians to unite with one another and cooperate with the government to tame “the monster that has befallen the nation.”
Assuring that Tinubu’s administration remained committed to ending the menace and securing the release of all persons in captivity, he said: “I urge every Nigerian to support the administration of President Bola Ahmed Tinubu in her efforts in fighting terrorism. We understand the pains you are going through but the government is not resting on its oars and hopefully we shall overcome this current challenge and all will be well with Nigeria.”
Seriake Dickson, National Leader of the Nigeria Democratic Congress (NDC), on Wednesday showcased Peter Obi, its presidential candidate in the 2027 election, but gave a proviso – his importance would not be at the expense of the party.
A guest on Prime Time, a public affairs programme on ARISE NEWS Television, the former Governor of Bayelsa State, now Senator representing West at the National Assembly, maintained that the belief in some quarters that Obi’s entrance into the party was a favour was completely misplaced.
Instead, he argued that the opposite was the case, as it was the party that was doing its candidates a favour by giving them the opportunity to contest elective positions on its platform in the 2027 elections, a gesture that ought to be returned.
Hear him: “Don’t make it look like anyone is doing NDC a favour. No one is. Rather, the NDC and I and my colleagues are doing people a favour by granting our platform. If you are genuinely supporting Peter Obi and you are disparaging me, the leader, or the platform itself. That is nonsensical.”
Stressing that NDC had demonstrated confidence in Obi by adopting Obi as its sole presidential candidate and selecting a vice-presidential candidate without internal disputes, he said it was enough to earn its leadership the gratitude it deserved.
He added: “Nobody paid shishi. So, if a presidential candidate didn’t pay shishi to be made the sole presidential candidate and sole vice-presidential candidate, that same party cannot be the one saying that small people are underprivileged.
“I could have run. There’s no one more qualified than me. There’s no one more qualified than me to run for presidential candidate. None. There is no crisis within the NDC. Peter Obi is a cherished member of our party. On our own, we have made him a presidential candidate. Sole presidential candidate. And that counts for something. We are working well together. There’s no crisis.”
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