The 2023 Labour Party presidential candidate, Peter Obi, has urged the Federal Government to put an end to what he described as fiscal rascality, particularly the pattern of uncontrolled and unexplained borrowing that does not contribute to productive sectors of the economy.
Obi, in a post on his verified X handle on Friday, criticised the government’s plan to secure about ₦20 trillion in new loans to finance the 2026 budget.
According to him, the borrowing plan is alarming at a time when debt servicing is projected to consume nearly half of the nation’s revenue, and when the country’s borrowing requirement has risen by more than 72 percent.
He questioned the rationale behind planning fresh multi-trillion-naira loans for 2026 when the 2024 budget is still being implemented and the 2025 budget appears untouched.
Obi wrote, “Where is the revenue from 2025? How can we be discussing trillions in new borrowing for 2026 when we are still implementing the 2024 budget? This suggests, very clearly, that the 2025 budget is still untouched and unimplemented.
“So, where are all the revenues that accrued in 2025, even when we were told that revenue targets had been surpassed since August?”
He warned that continuous borrowing for consumption rather than production would endanger the country’s future.
“We cannot keep mortgaging the future of our children through thoughtless borrowing. Nations do not develop by consuming more than they produce.
“They develop by producing, exporting, creating value, and building strong institutions that ensure accountability,” he said.
Obi added that the government cannot boast of increased revenue while simultaneously pushing borrowing to historic levels.
“Governance must be built on transparency, not propaganda. We cannot build a new Nigeria on the foundation of misleading figures, rising debts, shrinking production, and continuous hardship. Our nation must move forward,” he added.