Peter Obi Criticizes FG’s N17.8 Trillion Borrowing Plan for 2026 Budget

Former Labour Party presidential candidate, Peter Obi, has condemned the Federal Government’s plan to borrow N17.89 trillion to fund the 2026 budget, calling it “fiscal recklessness.” Obi argued that the borrowing would mortgage the future of Nigeria’s youth and exacerbate economic hardship.

Obi questioned why the government is seeking fresh loans when the 2024 budget is still being implemented and details of the 2025 budget remain unclear. He highlighted that debt servicing is projected to consume nearly half of national revenue, raising concerns about the sustainability of such borrowing.

He further criticized the government for increasing borrowing while revenues are reportedly rising, emphasizing that the funds are not being invested in productive sectors but rather in consumption. Obi stressed that sustainable development requires production, value creation, and strong institutions rather than excessive debt accumulation.

The former Anambra State governor called on the government to prioritize transparency and accountability in fiscal management, warning that continued uncontrolled borrowing could deepen hardship and undermine Nigeria’s economic future.