Former presidential candidate of the Labour Party and Nigeria Democratic Congress (NDC) standard-bearer for the 2027 election, Peter Obi, has criticised the economic management of President Bola Tinubu’s administration, questioning the sharp rise in public debt despite significant increases in government revenue.
In a statement shared on his X account on Wednesday, Obi argued that while the Federal Government has recorded substantial growth in revenue over the past three years, the gains have not translated into improved living conditions for Nigerians.
According to him, President Tinubu recently listed among his administration’s achievements an increase in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025, representing an increase of more than 100 per cent.
Obi, however, expressed concern that despite the revenue growth, the government has continued to rely heavily on borrowing.
“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” he said.
The former Anambra State governor alleged that Nigeria’s total public debt has risen by more than N100 trillion within the last three years, placing the country’s debt profile at approximately N200 trillion.
He also noted that the country had benefited from earnings above budget projections due to favourable global and regional economic developments, including geopolitical tensions that affected international markets.
According to Obi, the combination of increased revenue and rising debt has failed to improve the welfare of citizens, as key economic and social indicators have continued to deteriorate.
He claimed that multidimensional poverty has increased significantly, rising from 87 million people in 2023 to over 140 million in 2025.
He also pointed to rising unemployment and a decline in Nigeria’s Gross Domestic Product per capita, which he said fell from $1,597 in 2023 to $1,223 in 2025.
“Just more and more hardship for Nigerians,” Obi stated.
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He questioned how the additional revenue and borrowed funds had been utilised, saying both Nigerians and members of the international community were seeking greater accountability.
“The question Nigerians and even the international community are asking is, ‘Where did all the money go?’” he asked.
Obi called on the Federal Government to provide a detailed and transparent explanation of the management of public finances since 2023 and urged an end to what he described as imprudent, opaque and unaccountable management of national resources.
He maintained that Nigeria still has the potential to achieve sustainable growth and improved governance.
“A new and productive Nigeria is possible, and Nigeria will be OK,” Obi said.
The statement comes amid ongoing debates over the impact of the Tinubu administration’s economic reforms, including fuel subsidy removal, exchange rate liberalisation and fiscal restructuring, which the government says are necessary for long-term economic stability but which critics argue have worsened hardship for many Nigerians.