Former presidential candidate of the Labour Party, Peter Obi, has expressed concern over Nigeria’s growing debt burden, describing the current borrowing trend as unsustainable and lacking in accountability.
In a statement earlier today via X, Obi stated that his remarks followed the Senate’s recent approval on July 22, 2025, of an additional $21 billion, €2.2 billion, and ¥15 billion in external borrowing for the 2025–2026 fiscal cycle.
With Nigeria’s public debt already standing at N149.39 trillion in the first quarter of 2025, Obi noted that the newly approved loans, estimated at about N37.2 trillion, would raise the total debt to approximately N187 trillion warning that the figure could exceed N200 trillion by year-end.