Former presidential candidate of the Labour Party, Peter Obi, has faulted the Federal Government’s reported plan to borrow about ₦20 trillion to finance the 2026 national budget, describing the move as reckless and economically dangerous.
Obi, in a statement shared on his Facebook page, said Nigerians “woke up again to troubling news” of massive new borrowings at a time when debt servicing is projected to consume nearly half of the country’s revenue, and borrowing requirements have risen by more than 72 per cent.
He questioned the rationale behind contracting fresh loans for the 2026 fiscal year when the 2024 budget is still being implemented and when the government has claimed to have surpassed its 2025 revenue targets as far back as August.
“At a time when Nigerians are struggling under unprecedented hardship, insecurity, and unemployment, we must ask the most important and logical questions: 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?” Obi said.
The former Anambra State governor argued that the development suggests the 2025 budget “remains untouched and unimplemented,” raising concerns about transparency and accountability in public finance management.
He accused the government of indulging in what he called “fiscal rascality,” warning that the country cannot continue taking loans that are neither directed at productive sectors nor generating future value.
“We cannot keep mortgaging the future of our children through thoughtless borrowing. For years, I have consistently maintained that Nigeria cannot borrow its way into prosperity. Nations do not develop by consuming more than they produce,” he said.
Obi stressed that genuine economic growth comes from increased production, exports, value creation, and strong institutions that ensure prudent management of public funds.
He further cautioned against what he described as the contradiction of celebrating rising revenue while simultaneously “piling up borrowing to ridiculous historic levels,” insisting that governance must be built on transparency rather than propaganda.
“Our nation must move forward. We cannot build a new Nigeria on misleading figures, rising debts, shrinking production, and continuous hardship. A New Nigeria is possible,” he added.
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