Former presidential candidate Peter Obi has warned that Nigeria’s economic situation is deteriorating, saying rising debt levels under President Bola Ahmed Tinubu could push the country into a crisis.
Speaking at the national convention of the African Democratic Congress in Abuja, Obi faulted the administration’s borrowing pattern despite the removal of petrol subsidy, which he said was originally intended to reduce fiscal strain and boost development spending.
He noted that the subsidy removal was presented as a way to cut borrowing and redirect resources to infrastructure and growth, but argued that the reverse has become the case.
“When this government assumed office, it removed fuel subsidy to reduce reliance on debt and channel funds into development,” he said. “But today, borrowing has continued unchecked.”
Obi claimed that Nigeria’s debt profile has risen sharply from about ₦87 trillion under the previous administration to nearly ₦200 trillion, describing it as an increase of more than 130 per cent. He also said the situation is worsened by unpaid contractors and slow implementation of projects in the 2025 budget.
“We now have massive debt, yet little to show in terms of development. This trajectory is unsustainable and points to a looming crisis,” Obi added.
He said his comments were aimed at drawing attention to what he described as a worrying economic direction, urging Nigerians to take responsibility in addressing the challenges.
Obi also raised concerns about growing national divisions, warning that continued tension could have long term consequences if not addressed.
“We must come together as one nation. The level of division we see today is dangerous. If this trend continues, it will have serious consequences for both present and future generations,” he said.
On security, he said Nigeria’s global terrorism ranking has worsened under the current administration, warning that the situation could deteriorate further without urgent intervention.
He further highlighted rising poverty levels, saying more Nigerians are falling into hardship.
Obi concluded by calling for collective sacrifice from leaders and citizens to redirect the country away from what he described as a dangerous path.
