Peter Obi Warns of Looming Crisis as Nigeria’s Debt Hits Alarming Levels Under Tinubu

ABUJA – Former presidential candidate Peter Obi has raised serious concerns about Nigeria’s economic direction, insisting the country is drifting toward a full-blown crisis because of rising debt and policy failures under President Bola Ahmed Tinubu.

Obi made the remarks on Tuesday at the African Democratic Congress national convention in Abuja, where opposition leaders gathered to assess the state of the nation. He criticised the government for continuing heavy borrowing even after the removal of the petrol subsidy, a step many expected would ease fiscal pressure.

The former Anambra governor reminded the audience that the subsidy removal was presented as a bold move to cut reliance on loans and redirect money into infrastructure and growth. Yet, he said borrowing has only intensified since Tinubu took office in 2023.

“When this government assumed office, it removed fuel subsidy to reduce reliance on debt and channel funds into development,” Obi stated. “But today, borrowing has continued unchecked.”

He claimed Nigeria’s total public debt has jumped from roughly ₦87 trillion under the last administration to nearly ₦200 trillion now, representing more than 130 percent increase. Obi added that despite the huge debt stock, many contractors remain unpaid and several projects listed in the 2025 budget are yet to see serious execution.

The opposition leader described the situation as unsustainable. “We now have massive debt, yet little to show in terms of development. This trajectory is unsustainable and points to a looming crisis,” he said.

Obi also touched on national unity, warning that divisions across ethnic and regional lines are getting worse and could have grave consequences if left unaddressed. “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 declared.

On security, he noted that Nigeria’s position in global terrorism rankings has slipped further since the current administration came in, with no clear signs of improvement. He linked this to the sharp rise in poverty, saying millions more Nigerians have fallen below the poverty line in recent years.

NaijaChoice News monitored the convention live as Obi urged both leaders and ordinary citizens to put aside differences and make the necessary sacrifices. He called for collective action to steer the country away from what he termed a dangerous path before it is too late.