Peter Obi Raises Alarm Over Nigeria’s Growing Debt Crisis

Former Anambra State Governor and 2023 presidential candidate, Peter Obi, has once again voiced deep concern over Nigeria’s mounting national debt, warning that the country is edging dangerously toward a financial cliff.

Obi, known for his consistent advocacy for transparency and fiscal responsibility, criticized the recent approval of massive foreign loans by the National Assembly—reportedly amounting to over $21 billion, €2.2 billion, and ¥15 billion. He emphasized that the current debt trend under the Tinubu administration is unsustainable and could leave future generations burdened with unpayable obligations.

According to Obi, Nigeria’s debt has ballooned from ₦12.6 trillion in 2015 to a staggering ₦149 trillion in 2025, a growth rate he described as "disturbing and reckless." He questioned the country’s borrowing culture, especially when there is little to show in terms of infrastructure, job creation, or improved living standards.

“The government must stop living in denial. We cannot continue to borrow our way into poverty,” Obi reportedly said in a public commentary.

Obi also challenged the federal government to provide a transparent breakdown of how previous loans were utilized, calling for better debt management practices and a reduction in recurrent expenditure. He warned that Nigeria risks becoming a classic case of a debt-trapped economy, where most national income is channeled toward servicing debt rather than development.

His comments have sparked fresh debate among economists, civil society, and political analysts, many of whom agree that Nigeria’s economic outlook appears fragile.

As the nation grapples with inflation, unemployment, and insecurity, Obi’s warnings serve as a stark reminder of the urgent need for accountable governance, strategic spending, and a shift toward sustainable economic policies.