Former presidential candidate Peter Obi has called on the Federal Government to provide a detailed account of how public revenues and borrowed funds have been utilised, amid growing concerns over economic hardship across Nigeria.
Obi made the demand in a statement published on his Facebook page on Wednesday, where he questioned the management of the nation’s finances under President Bola Tinubu’s administration.
According to Obi, the President recently highlighted an increase in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025 while marking the third anniversary of his administration. Obi acknowledged the growth in revenue but argued that such an increase should have reduced the country’s dependence on borrowing.
He expressed concern that Nigeria’s debt profile has continued to expand despite the significant rise in earnings.
“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” Obi stated.
The former Anambra State governor claimed that Nigeria’s total debt has climbed to approximately N200 trillion, representing an increase of more than N100 trillion over the past three years.
Obi further argued that the country had also benefited from additional revenue opportunities beyond budget projections due to favourable global and regional economic conditions. Despite this, he said ordinary Nigerians have not experienced corresponding improvements in their living standards.
He pointed to rising multidimensional poverty, growing unemployment, and declining GDP per capita as indicators that increased revenue and borrowing have failed to deliver meaningful economic relief.
According to Obi, many Nigerians are struggling with worsening economic conditions despite government claims of improved fiscal performance.
“Just more and more hardship for Nigerians,” he said.
The former Labour Party presidential candidate noted that questions are increasingly being raised both locally and internationally regarding the management of Nigeria’s financial resources.
“The question Nigerians and even the international community are asking is, ‘Where did all the money go?’” Obi asked.
He called for greater transparency and accountability in public finance management, insisting that citizens deserve a clear explanation of how government revenues and loans have been spent since 2023.
Obi also urged the administration to embrace prudent financial management and end what he described as opaque and unaccountable handling of public resources.
Despite his criticism, he expressed confidence that Nigeria can still achieve sustainable economic growth through productive policies, responsible governance, and transparent management of national resources.
The Federal Government has yet to officially respond to Obi’s latest remarks.
Twitter Version:
Peter Obi has challenged the Federal Government to explain how increased revenues and borrowed funds have been spent, questioning Nigeria’s rising debt despite higher earnings. He cited worsening poverty, unemployment, and economic hardship while calling for greater transparency and accountability.
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