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Tinubu’s govt mortgaging our children’s future with reckless borrowing – Peter Obi.
Peter Obi, former Anambra governor and 2023 presidential candidate of the Labour Party (LP), has raised alarm over Nigeria’s growing debt profile, warning that the government is mortgaging the future of unborn generations through unsustainable and unaccountable borrowing.
In a statement issued on Monday, Obi described as worrisome the Senate’s recent approval of additional external loans totalling $21 billion, €2.2 billion, and ¥15 billion for the 2025–2026 fiscal period.
He noted that the upper legislative chamber also approved a ₦750.98 billion domestic bond issuance and a €65 million grant.
Obi said that as of the first quarter of 2025, Nigeria’s total public debt stood at ₦149.39 trillion, and with the new approvals amounting to about ₦37.2 trillion, the debt burden has risen to around ₦187 trillion.
He warned that Nigeria’s total debt may exceed ₦200 trillion by the end of 2025.
His words: “As our GDP before rebasing was about ₦269.2 trillion (about $180 billion), the government has borrowed the equivalent of nearly 70% of our previous GDP.
“Even after the rebasing, which pushed our GDP to about ₦372.8 trillion (about $243.7 billion), the government would have borrowed about 50.16% of the new GDP — the highest debt-to-GDP ratio in our history as a nation.”
The LP chieftain said the country is accumulating debt at an exponential rate “with little or nothing to show for it” in key sectors like education, healthcare, electricity, and security.
Providers are furious: Internet access without a subscription!
Techno Mag
by TaboolaSponsored Links
He stated: “We still rank low in all major human development indicators. While education is underfunded and standard in continuous decline, healthcare remains inaccessible to millions of Nigerians, particularly the poor.
Peter Obi, former Anambra governor and 2023 presidential candidate of the Labour Party (LP), has raised alarm over Nigeria’s growing debt profile, warning that the government is mortgaging the future of unborn generations through unsustainable and unaccountable borrowing.
In a statement issued on Monday, Obi described as worrisome the Senate’s recent approval of additional external loans totalling $21 billion, €2.2 billion, and ¥15 billion for the 2025–2026 fiscal period.
He noted that the upper legislative chamber also approved a ₦750.98 billion domestic bond issuance and a €65 million grant.
Obi said that as of the first quarter of 2025, Nigeria’s total public debt stood at ₦149.39 trillion, and with the new approvals amounting to about ₦37.2 trillion, the debt burden has risen to around ₦187 trillion.
He warned that Nigeria’s total debt may exceed ₦200 trillion by the end of 2025.
His words: “As our GDP before rebasing was about ₦269.2 trillion (about $180 billion), the government has borrowed the equivalent of nearly 70% of our previous GDP.
“Even after the rebasing, which pushed our GDP to about ₦372.8 trillion (about $243.7 billion), the government would have borrowed about 50.16% of the new GDP — the highest debt-to-GDP ratio in our history as a nation.”
The LP chieftain said the country is accumulating debt at an exponential rate “with little or nothing to show for it” in key sectors like education, healthcare, electricity, and security.
Providers are furious: Internet access without a subscription!
Techno Mag
by TaboolaSponsored Links
He stated: “We still rank low in all major human development indicators. While education is underfunded and standard in continuous decline, healthcare remains inaccessible to millions of Nigerians, particularly the poor.
Tinubu’s govt mortgaging our children’s future with reckless borrowing – Peter Obi.
Peter Obi, former Anambra governor and 2023 presidential candidate of the Labour Party (LP), has raised alarm over Nigeria’s growing debt profile, warning that the government is mortgaging the future of unborn generations through unsustainable and unaccountable borrowing.
In a statement issued on Monday, Obi described as worrisome the Senate’s recent approval of additional external loans totalling $21 billion, €2.2 billion, and ¥15 billion for the 2025–2026 fiscal period.
He noted that the upper legislative chamber also approved a ₦750.98 billion domestic bond issuance and a €65 million grant.
Obi said that as of the first quarter of 2025, Nigeria’s total public debt stood at ₦149.39 trillion, and with the new approvals amounting to about ₦37.2 trillion, the debt burden has risen to around ₦187 trillion.
He warned that Nigeria’s total debt may exceed ₦200 trillion by the end of 2025.
His words: “As our GDP before rebasing was about ₦269.2 trillion (about $180 billion), the government has borrowed the equivalent of nearly 70% of our previous GDP.
“Even after the rebasing, which pushed our GDP to about ₦372.8 trillion (about $243.7 billion), the government would have borrowed about 50.16% of the new GDP — the highest debt-to-GDP ratio in our history as a nation.”
The LP chieftain said the country is accumulating debt at an exponential rate “with little or nothing to show for it” in key sectors like education, healthcare, electricity, and security.
Providers are furious: Internet access without a subscription!
Techno Mag
by TaboolaSponsored Links
He stated: “We still rank low in all major human development indicators. While education is underfunded and standard in continuous decline, healthcare remains inaccessible to millions of Nigerians, particularly the poor.
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