Peter Obi, the 2023 Labour Party presidential candidate, has urged the Federal Government to end what he described as “fiscal rascality,” criticising plans to take on new massive loans despite worsening economic hardship.
In a statement posted on his X handle on Friday, Obi expressed concern over reports that the Federal Government intends to borrow about ₦20 trillion to fund the 2026 budget. He noted that the move comes at a time when debt servicing alone is projected to swallow nearly half of Nigeria’s national revenue.
He questioned why the government is considering fresh borrowing when the 2024 budget is still being implemented and the 2025 budget, by his assessment, remains largely untouched.
Obi argued that the government has yet to account for the revenues reportedly generated in 2025, especially after officials announced in August that revenue targets had been surpassed.
He warned that Nigeria cannot continue to accumulate debt without investing in productive sectors, stressing that most borrowed funds end up being consumed rather than used for development.
According to him, Nigeria cannot “borrow its way into prosperity” and must instead focus on producing, exporting, and creating sustainable value. He said transparent governance and strong institutions are necessary to ensure accountability in public spending.
Obi added that it is unacceptable for the government to claim rising revenue while simultaneously planning to increase borrowing to historic levels. He insisted that misleading figures, expanding debt, shrinking production, and worsening conditions cannot form the foundation for a prosperous nation.
He called on the government to change course, warning that continuous reckless borrowing amounts to mortgaging the future of Nigerian children.
