By Ayomide Otitoju
Former presidential candidate Peter Obi has warned that Nigeria’s growing debt burden is unsustainable and threatens the country’s future.
In a statement posted on X, Obi criticised the recent Senate approval of $21 billion, €2.2 billion, and ¥15 billion in new external loans, along with a ₦750.98 billion domestic bond issuance. He said these moves have pushed the total public debt to an estimated ₦187 trillion, possibly exceeding ₦200 trillion by year-end.
“Our borrowing is spiraling out of control without matching improvement in infrastructure, education, or healthcare,” Obi said, calling the fiscal trajectory irresponsible.
Citing alarming statistics—over 10,000 deaths from insecurity in two years, stagnant power supply, and 133 million Nigerians in multidimensional poverty—Obi urged the federal government to prioritise transparency, human capital investment, and debt accountability.
