Peter Obi, former Labour Party presidential candidate, has criticised the Federal Government’s reported plan to borrow about ₦20 trillion to fund the 2026 budget, calling the move reckless and economically perilous.
In a statement on his Facebook page, Obi said Nigerians “woke up again to troubling news” of large-scale new loans at a time when debt servicing is expected to take nearly half of government revenue, and borrowing requirements have jumped by over 72 percent.
He questioned why the government is pursuing fresh borrowing for the 2026 fiscal cycle while the 2024 budget is still being implemented, despite official claims that 2025 revenue targets were exceeded as early as August.
“At a time when Nigerians are struggling under unprecedented hardship, insecurity, and unemployment, we must ask… Where is the revenue from 2025? How can we be discussing trillions in new borrowing for 2026 when we are still implementing the 2024 budget?” he said.
Obi argued that the development indicates the 2025 budget “remains untouched and unimplemented,” raising concerns about transparency in public finance management. He accused the government of engaging in “fiscal rascality,” warning that borrowing without directing funds toward productive sectors will deepen Nigeria’s economic woes.
He reiterated that “Nigeria cannot borrow its way into prosperity,” stressing the need for increased production, exports, value creation, and strong institutions.
Obi also faulted what he described as the contradiction of celebrating revenue growth while “piling up borrowing to ridiculous historic levels,” insisting that the country must prioritise transparency over propaganda.
“Our nation must move forward… A New Nigeria is possible,” he added.