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Nigeria Records Highest Debt-to-GDP Ratio in History Amid Alarming Borrowing Surge-Obi

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Labour party 2023 presidential candidate Peter Obi

 

Former Labour Party presidential candidate Peter Obi has voiced strong concerns over Nigeria’s escalating public debt, following recent approvals by the National Assembly for massive external loans and domestic bond issuances. Obi made this known on his verified Facebook page in a detailed post addressing the fiscal implications and the broader socio-economic effects of Nigeria’s borrowing practices.

Senate Approves Massive Loans for 2025–2026 Fiscal Year
On July 22, 2025, the Nigerian Senate approved an additional $21 billion, €2.2 billion, and ¥15 billion in external borrowings for the 2025–2026 fiscal cycle. It also greenlit a N750.98 billion domestic bond issuance and a €65 million grant. According to Obi, with the nation’s public debt already at N149.39 trillion in Q1 2025, the new borrowings will spike the total debt to approximately N187 trillion, with projections suggesting it could exceed N200 trillion by year-end. (Source: Peter Obi, via Facebook post)

Nigeria’s Debt-to-GDP Ratio Hits Historic High

Obi highlighted that before the GDP rebasing, which placed the nation’s GDP at N269.2 trillion (roughly $180 billion), the total borrowing represented nearly 70% of the GDP. Even after the rebasing to N372.8 trillion (around $243.7 billion), the debt-to-GDP ratio remains at a staggering 50.16%—the highest in Nigeria’s history. (Source: Peter Obi)

Public Debt Soars With Little Tangible Impact

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Despite a year-on-year debt increase of N27.72 trillion and a quarter-on-quarter spike of N4.72 trillion, Obi lamented the lack of significant improvements in critical sectors. He pointed to stagnation in education, healthcare, electricity generation, and national security.

Human Development Indicators Still Alarmingly Low

Obi decried Nigeria’s poor rankings across major development indicators. Education funding continues to decline, healthcare remains out of reach for millions, and security has worsened. He cited figures of 10,217 lives lost and 672 villages destroyed between May 2023 and May 2025, despite increased security spending from N2.98 trillion in 2023 to N4.91 trillion in 2025. Infrastructure is similarly affected, with 135,000km of the country’s 195,000km road network remaining unusable.

Soaring Poverty and Child Deaths Amid Government Inaction

Over two years into the current administration, Obi noted that poverty continues to deepen. Approximately 133 million Nigerians are considered multi-dimensionally poor, while 652 children have died due to worsening malnutrition in the north. These statistics were compounded by a recent alert from Médecins Sans Frontières (MSF), flagging Katsina as one of the hardest-hit areas. (Source: Peter Obi / MSF)

Leadership Failures Highlighted in Debt Management

Obi criticized the government’s lack of transparency and accountability in managing borrowed funds. He argued that the absence of impactful investment and policy direction has led to generational consequences for Nigeria’s youth. (Source: Peter Obi)

Call for Economic Discipline and Inclusive Growth

The former candidate advocated a return to disciplined and prudent economic policies. He urged leaders to cut governance costs, block financial leakages, and invest in human capital to build a truly productive economy.

Vision for a New Nigeria
In closing, Obi called for responsible leadership and people-centered development. He emphasized that every borrowed kobo must be tied to measurable impacts that foster sustainable growth. Echoing his signature campaign message, he concluded: “A new Nigeria is Possible.”

 

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President Tinubu Departs Jeddah for Abuja After Completing Umrah

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By Yusuf Danjuma Yunusa

President Bola Ahmed Tinubu, on Wednesday, departed from King Abdulaziz International Airport in Jeddah, Saudi Arabia, for Abuja, following the successful completion of his Umrah pilgrimage in the holy city of Makkah.

Accompanying Mr Tinubu to the airport were the Deputy Governor of the Makkah Region, Saud bin Mishaal bin Abdulaziz Al Saud; Nigeria’s Ambassador to Saudi Arabia, Yakubu Gambo and the Consul-General, Muazam Ibrahim Nayaya.

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Before Mr Tinubu’s departure, he had a brief meeting with Mr Mishaal bin Abdulaziz Al Saud at the Royal Guest Palace at the airport.

While in Saudi Arabia, Mr Tinubu, alongside members of the Nigerian delegation, performed the Umrah rites, including circumambulating the Holy Ka’aba. On Sunday, Mr Tinubu was granted the rare privilege of entering the sacred structure, where he and members of his delegation performed two raka’at prayers.

Mr Tinubu expressed his gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman for the special courtesies and hospitality extended to him and the Nigerian delegation, particularly the privilege of accessing the Holy Ka’aba to offer prayers.

Members of Bola Ahmed Tinubu, on Wednesday, departed from King Abdulaziz International Airport in Jeddah, Saudi Arabia, for Abuja, following the successful entourage included the National Security Adviser, Nuhu Ribadu, and the governors of Sokoto, Jigawa, Kaduna, Borno and Yobe states, among others.

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2027: Atiku Kicks off Campaign in Sokoto

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By Yusuf Danjuma Yunusa

The African Democratic Congress (ADC) kicked off its presidential campaign rally for the 2027 presidential election in Sokoto State on Wednesday with crowd welcoming the party’s presidential candidate, Atiku Abubakar.

The party said thousands of supporters lined the route from Sultan Muhammad III International Airport to its state secretariat, where Atiku’s campaign rally was held.

In a statement issued on Wednesday, Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, said the former vice president’s motorcade took about three and a half hours to reach the rally venue due to the large turnout.

He said residents, including youths, women and elderly people, abandoned their businesses and other daily activities to join the procession and welcome the ADC candidate.

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The campaign council described the turnout as spontaneous, dismissing suggestions that the crowd was mobilised through financial inducements.

It said the reception demonstrated growing support for Atiku’s promise to address the economic difficulties facing Nigerians, particularly the rising costs of food, transportation, fuel and other essential commodities.Nigeria travel guide

The ADC also accused the Sokoto State Government of frustrating its campaign activities by denying the party access to public facilities requested for the rally.

According to the campaign council, the alleged restrictions did not discourage supporters but rather heightened public resentment and strengthened the party’s mobilisation.

“The federal government and its APC allies should understand that denying people a venue cannot suppress their political choices. In Sokoto, those efforts backfired: the people came out in even greater numbers and made their voices heard,” the statement said.

At the rally, Atiku reiterated his commitment to addressing the cost-of-living crisis and restoring economic stability for households and businesses, according to the campaign council.

The former vice president proposed a targeted, production-based subsidy for qualifying petroleum products refined locally as part of his economic agenda.

The council said the proposed policy would link government support to domestic production, reduce fuel costs and ease the impact of high transportation and energy expenses on food prices and household budgets.

It said the proposal was designed to encourage local production while providing relief to Nigerians struggling with the removal of petroleum subsidy.Nigeria travel guide

The campaign council maintained that the ADC’s economic agenda was centred on making essential goods and services affordable, supporting local industries and addressing the hardship experienced by ordinary Nigerians.

“When you have a message that connects with the people, you do not need to rent a crowd. The people show up on their own,” Mr Shaibu said.

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Abdul El-Sayed Becomes First Muslim Senator in U.S.

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By Yusuf Danjuma Yunusa

Abdul El-Sayed, a Democrat, has become the first Muslim senator in the U.S. after securing 2.2 million votes in Michigan, about 52 per cent, to defeat Republican candidate Mike Rogers and Libertarian Lydia Christensen.

Mr El-Sayed, 42, an immigrant born to Egyptian parents, fought a hard-won victory given his candidacy was highly scrutinised over his ties to Islam and open rebuke of Israel.

Results showed Mr El-Sayed led with 52 per cent, the GOP candidate scored 46.1 per cent, and Ms Christensen got one per cent of total votes cast.

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Mr El-Sayed’s candidacy struggled after Haley Stevens, a Democratic candidate he defeated in the primary, withdrew her support two days before the midterm polls.

Mrs Stevens endorsed the Republican candidate, saying she could no longer support Mr El-Sayed over what she described as anti-semitism. She asked Mr El-Sayed to condemn an advertisement promoting his candidacy, which blamed U.S. support for Israel for rising cost of goods and the war in Iran.

Mr El-Sayed declined and publicly uninvited her from a joint appearance they were scheduled to have in Detroit. Ms Stevens withdrew her support two nights before the election.

The move stunned Democrats who viewed her actions as a betrayal to the party. But her clout appeared limited with Mr El-Sayed’s victory at the polls.

Former President Barack Obama campaigned for Mr El-Sayed in Michigan, a presidential battleground where President Donald Trump won by 1.4 points to defeat Kamala Harris in November 2024.

Senator Gary Peters, the incumbent Michigan senator, will retire after his term expires in January, when Mr El-Sayed is scheduled to be sworn in.

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