N17.89trn: It's crazy to borrow again - Peter Obi cries out

Mr. Peter Obi has cried out that it's outrageous that President Bola Tinubu wants to borrow N17.89trn to finance the 2026 budget when half of the budget 'll be used to service loan.

He said it's crazy and beats every imagination. Hear him:

“Today, Nigerians woke up again to the troubling news that the Federal Government is planning to borrow about ₦20 trillion in new loans to finance the 2026 budget,” he wrote. 

“This is at a time when debt servicing alone is projected to gulp nearly half of our national revenue.”

Obi questioned the status of government earnings for the current fiscal year. 

“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?” he said, suggesting that the 2025 budget “is still untouched and unimplemented.”

He accused the government of engaging in “fiscal rascality,” arguing that rising loans are not being channelled into productive sectors.

“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, and creating value,” he said.

The ex-governor insisted that governance must prioritise transparency and accountability. 

“We cannot tell Nigerians that revenue is increasing while simultaneously increasing borrowing to ridiculous historic levels. Our nation must move forward,” he maintained.