Former presidential candidate, Peter Obi, has raised alarm over Nigeria’s worsening economic outlook, warning that the country may be heading toward a crisis due to the growing debt burden under President Bola Ahmed Tinubu.
Speaking at the national convention of the African Democratic Congress in Abuja, Obi criticised the current administration for increasing borrowing despite removing the petrol subsidy — a move he said was meant to ease fiscal pressure and fund development.
Obi noted that the subsidy removal was justified as a strategy to curb borrowing and redirect resources toward infrastructure and economic growth. However, he expressed concern that borrowing has instead escalated.
“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.”
He claimed that Nigeria’s debt has surged significantly, rising from about ₦87 trillion under the previous administration to nearly ₦200 trillion, representing an increase of over 130 percent. According to him, this has occurred alongside unpaid contractors and limited execution of projects captured 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.
The former Anambra State governor said his remarks were meant to highlight what he described as a troubling economic drift, urging Nigerians to take collective responsibility in addressing the situation.
He also raised concerns about national unity, warning that divisions across the country are deepening and could worsen if not urgently 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, Obi claimed that Nigeria’s position in global terrorism rankings has deteriorated since the current administration took office. He warned that the situation could worsen further if decisive action is not taken.
He also pointed to rising poverty levels, stating that the percentage of Nigerians living in poverty has increased sharply, with millions more affected in recent times.
Obi concluded by urging citizens and leaders alike to make sacrifices and work collectively to steer the country away from what he described as a dangerous path.
