Former Labour Party presidential candidate Peter Obi has called on the Federal Government to provide a detailed account of how increased public revenues and borrowed funds have been spent, amid concerns over worsening economic conditions across the country.
In a statement shared on his Facebook page on Wednesday, Obi questioned the management of Nigeria’s finances under President Bola Ahmed Tinubu’s administration, despite acknowledging a significant rise in government revenue over the past three years.
According to Obi, the President recently cited the growth in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025 as one of the achievements of his administration. Obi noted that such a substantial increase should ordinarily have reduced the country’s dependence on borrowing.
The former Anambra State governor, however, expressed concern that Nigeria’s debt profile has continued to expand, claiming that the nation’s total debt has climbed to about N200 trillion, representing an increase of more than N100 trillion within the last three years.
Obi further argued that, in addition to higher revenues, the country had also benefited from earnings above budget projections due to favourable global and regional economic developments. Despite these gains, he maintained that key economic indicators, including multidimensional poverty, unemployment, and GDP per capita, have worsened, leaving many Nigerians facing increased hardship.
Questioning the destination of the nation’s growing financial resources, Obi said both citizens and members of the international community deserve answers. He called for greater transparency and accountability in public finance management, urging the government to embrace prudent economic policies and responsible stewardship of resources to achieve sustainable growth and improve the welfare of Nigerians.
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