Former presidential candidate, Peter Obi, has cautioned that Nigeria is on a dangerous economic path, blaming the rising debt profile under President Bola Ahmed Tinubu for the country’s worsening outlook.
Speaking at the national convention of the African Democratic Congress in Abuja, Obi criticised the administration for continuing to borrow despite removing the petrol subsidy — a policy he said was meant to reduce debt and free up funds for development.
According to him, the subsidy removal was expected to ease fiscal pressure and redirect resources into critical sectors. However, he expressed disappointment that borrowing has instead increased.
Obi stated that Nigeria’s debt has climbed sharply from about ₦87 trillion under the previous administration to nearly ₦200 trillion, representing a rise of over 130 percent. He added that this increase has not translated into visible development, noting that contractors remain unpaid while projects outlined in the 2025 budget have yet to be implemented.
He warned that the country’s current trajectory is unsustainable and could lead to serious consequences if urgent steps are not taken.
The former Anambra State governor said his comments were intended to draw attention to what he described as a steady economic decline, urging Nigerians to take responsibility and demand better governance.
Obi also expressed concern over growing divisions across the country, stressing the need for unity to prevent further deterioration.
He further raised alarm over security challenges, claiming Nigeria’s position in global terrorism rankings has worsened since the current administration assumed office.
On poverty, Obi said the number of Nigerians living below the poverty line has increased significantly, warning that the situation could escalate if corrective measures are not implemented.
He concluded by calling for collective sacrifice and national cohesion, urging both leaders and citizens to work together to avert a looming crisis.
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