Revenue doubled, debt rises to N200 trillion – Peter Obi calls for answers from the Tinubu administration

Mr Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC) and former governor of Anambra State, has criticized the Federal Government’s borrowing practices. He argues that the sharp rise in national revenue under President Bola Tinubu’s administration has not led to better living standards for Nigerians.

Obi’s comments were made in a statement posted on his official page in response to the President’s recent review of his administration’s performance after three years in office.

President Tinubu highlighted the increase in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025 as a key achievement. Obi contends that, despite this growth, the country’s debt has continued to climb.

“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” Obi said.

He claims that Nigeria’s total public debt has risen to about N200 trillion, an increase of more than N100 trillion over the last three years.

Obi also points out that the country earned more than projected budget revenues during this period, citing global and regional economic developments that affected commodity prices and government earnings. He further alleges that key socio‑economic indicators have worsened.

“Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio‑economic and governance indicators are worse than in 2023,” he said.

He identifies rising multidimensional poverty, unemployment, and a decline in gross domestic product (GDP) per capita as areas of concern. According to Obi, multidimensional poverty increased from about 87 million people in 2023 to more than 140 million people in 2025.

“The question Nigerians and even the international community are asking is, ‘Where did all the money go?’” Obi stated.

He called for greater transparency and accountability in the management of public resources, urging the government to provide Nigerians with a detailed explanation of how revenues and borrowed funds have been utilized since 2023.