*Challenges President To Explain Whereabouts Of Undeployed Funds

Peter Obi, the 2027 presidential candidate of the Nigeria Democratic Congress (NDC), has scrutinised what he describes as flagrant financial impropriety during President Bola Tinubu’s three-year administration, demanding a full explanation of how borrowed funds have been used.

In a statement released on his X handle on Tuesday and signed by Ibrahim Umar, spokesman for the Peter Obi Media and Research (POMR) unit, Obi said the current government had engaged in “remarkably imprudent borrowing”, driving Nigeria’s total debt to approximately N200 trillion. He noted that this represents an increase of over N100 trillion within just three years – a stark contrast to the roughly N49 trillion accumulated during Muhammadu Buhari’s eight-year tenure, which, he added, would have projected to around N80 trillion.

“As millions of Nigerians grapple with the shock of this unsustainable debt accumulation, the situation is exacerbated by the government’s reckless approach to borrowing and a profound absence of accountability and transparency in the utilisation of these funds,” Obi wrote.

Referencing data from the Federation’s Budget Office, Obi claimed that the Tinubu government had borrowed N11.89 trillion in the first three quarters of 2025 (January to September), exceeding its planned target of N10.34 trillion by approximately N1.54 trillion. “Under a responsible and accountable government, such an overshoot would necessitate rigorous scrutiny and explanation from relevant governmental bodies. Regrettably, this is not the reality under the current administration,” he argued.

Further compounding the issue, he said only N3.10 trillion of the borrowed funds was allocated to capital expenditure during the same period – a mere 17.66% of the N17.58 trillion earmarked for capital projects, leaving a deficit of roughly N14.48 trillion, or 82.34% of planned capital expenditure unfunded.

“The most disturbing aspect of the financial management fiasco under Bola Tinubu is that there is no explanation or information regarding how the balance was utilised or deployed,” Obi added. “The question that Nigerians are rightly asking and deserve an answer to is: what happened to the balance? Was it deployed for recurrent expenditure or consumption, for the entertainment of guests to Aso Rock, or transferred to the Renewed Hope Agenda 2027 Election Campaign Fund? Nigerians deserve an answer on how our economy and resources are most unpatriotically managed.”

He concluded: “A new and productive Nigeria is possible, and Nigeria will be OK.”