The 2023 Labour Party presidential candidate, Peter Obi, has issued a sharp rebuke to the Nigerian Government, urging an immediate halt to what he termed “fiscal rascality”. His criticism focuses specifically on the practice of “uncontrolled and unexplained borrowing that is not being invested in the productive sectors of the nation.”
Obi’s strong statement, delivered via his verified X handle on Friday, the 12th of December, 2025, was prompted by alarming news regarding the Federal Government’s latest loan ambitions. He expressed deep concern that Nigerians are waking up “again to the troubling news that the Federal Government is planning to borrow about ₦20 trillion in new loans to finance the 2026 budget.”
This announcement comes at a critical time, according to Obi, “when debt servicing alone is projected to gulp nearly half of our national revenue, and when our borrowing requirement has surged by over 72%.”
Highlighting the dire economic situation faced by citizens, where they are “struggling under unprecedented hardship, insecurity, and unemployment,” Obi posed several fundamental questions to the government: “Where is the revenue from 2025? and How can we be discussing trillions in new borrowing for 2026 when we are still implementing the 2024 budget?”
He stated his genuine worry that discussing the 2026 budget while the 2024 budget is still in play “suggests, very clearly, that the 2025 budget is still untouched and unimplemented.” He followed up by asking, “So, where are all the revenues that accrued in 2025, even when we were told that we had surpassed the revenue targets since August?”
The former Governor stressed that “It is time for us to stop this fiscal rascality, especially with uncontrolled and unexplained borrowing that is not being invested in the productive sectors of our nation, but instead ends up in consumption.”
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He warned against the long-term consequences of current policies, asserting, “We cannot keep mortgaging the future of our children through thoughtless borrowing. We cannot continue this way.”
Obi reiterated his long-held economic philosophy, stating, “For years, I have consistently maintained that Nigeria cannot borrow its way into prosperity. Nations do not develop by consuming more than they produce.” He offered a clear alternative, arguing that development occurs “by producing, exporting, and creating value, while building strong institutions that ensure accountability and efficient use of public funds.”
He concluded by calling for transparency in governance, emphasizing, “We cannot tell Nigerians that revenue is increasing while simultaneously increasing borrowing to ridiculous historic levels. Governance must be built on transparency, not propaganda.” Obi’s final call to action was for the nation to stop building its future “on the foundation of misleading figures, rising debts, shrinking production, and continuous hardship. Our nation must move forward.”