‘We’re Heading For Disaster’ – Peter Obi Criticizes Tinubu’s Govt Over Rising Debt

Former presidential candidate, Peter Obi, has asserted that the country is heading toward disaster due to the rising debt profile under President Bola Tinubu‘s administration.

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Naija News reports that the African Democratic Congress (ADC) chieftain, while speaking at the party’s national convention in Abuja, argued that Tinubu’s government has increased borrowing despite maintaining the policy of subsidy removal.

According to him, the removal of the petrol subsidy by the current administration was intended to reduce borrowing and redirect funds towards national development.

He said, “When this government came into being, they removed subsidy on petroleum. The reason was to stop borrowing to service it and use the resources to develop the country. But today, despite that removal, the government has continued borrowing.

“The previous administration left a debt of about ₦87 trillion. Today, we are close to ₦200 trillion. That means they have borrowed over 130 per cent more, despite removing the subsidy. At the same time, contractors are being owed, and no projects in the 2025 budget have been funded. We have huge debt and have borrowed more on everything. We are heading to disaster.”

Peter Obi emphasised that the aforementioned figures were intended to highlight how the country’s economy is drifting, urging Nigerians to take collective responsibility.

The former presidential candidate also stressed the need for national unity, expressing concern over what he described as increasing divisions across the country.

He stressed, “The reason I used these figures is to show that we are drifting. We all have to work hard and do whatever is possible. Anarchy consumes everybody. We must make sacrifices for the sake of our children. If we do not act, what is happening now will have consequences for us and future generations.

“We need to work as a united Nigeria. The country is so divided, and unity is important. The present government has ensured that we remain more divided. If we allow this to continue, it will get worse.”

Speaking on security, the former Anambra State governor said that Nigeria’s global terrorism ranking has worsened under the current administration.

He added, “If you check the index today, when this government came into being, Nigeria’s ranking in terrorism was around 80. Today, we are number four. If this continues for another four years, we could become number one.

“When this government came into being, our poverty rate was about 41.6 per cent, representing roughly 88 million people. Today, it is about 63 per cent, or 140 million people. That means the number has nearly doubled.”