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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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Civilian Sponsors Were Indispensable to Every Successful Coup in Nigeria, Says Babangida

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General Ibrahim Badamasi Babangida

 

By Yusuf Danjuma Yunusa

Former military Head of State, General Ibrahim Badamasi Babangida (retd.), has asserted that every successful military coup in Nigeria’s history has depended on active support or sponsorship from civilians, challenging the long-held narrative that the country’s political upheavals were purely soldier-led affairs.

In an interview with Badeggi 90.1 FM in Minna, aired ahead of his 85th birthday on Monday, the former president stated that wealthy civilians have historically played instrumental roles in funding and facilitating military takeovers.

“No successful coup in Nigeria’s history had occurred without civilian involvement,” Babangida declared, according to a transcript of the interview cited by THISDAY.

The former leader used the occasion to offer a rare, personal reflection on the 1985 coup plot against his administration, which led to the trial and execution of his close friend and cabinet colleague, Major-General Mamman Vatsa, then Minister of the Federal Capital Territory.

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Babangida recounted that he initially struggled to believe intelligence reports linking Vatsa to the conspiracy, given their decades-long friendship. The two had grown up together, attended Bida Middle School, and enlisted in the military in the same year.

He said he summoned both Vatsa and General Mohammed Gado Nasko to his office after a senior officer implicated them. “When they arrived, I asked them about the reports that they had been mentioned in a plot to topple my government. Both of them denied any involvement,” Babangida recalled.

A military commission of inquiry was subsequently established. While Nasko was cleared, the panel found evidence against Vatsa. Babangida described himself as “shocked, devastated and deeply disappointed” by the findings but insisted that military law left him no room for clemency.

“There was nothing I could do to exonerate him from the consequences prescribed by military law. My hands were tied. That was how I lost my brother, General Mamman Vatsa,” he said. Vatsa was executed by firing squad in March 1986.

Turning to contemporary issues, Babangida urged Nigerians to remain patient and supportive of President Bola Tinubu’s administration amid ongoing economic hardships and security crises.

He expressed confidence that the government’s current policies would eventually yield positive results, calling for national hope and resilience during the challenging transition.

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Residents of Lokon Kango in Mandawari Area, Kano, Seek Government Intervention Over Poor Drainage

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Residents of Lokon Kango in the Mandawari area of Kano metropolis have called on the government to intervene over the deplorable state of drainage channels in their community, which they say has led to the collapse of two houses.

Mallam Anas Tanga, one of the coordinators of community sanitation efforts in the area, said residents have been doing their best to clear the drains, but their efforts are not enough.

“We are doing our best, alongside other youths. For years, we have been involved in clearing these drains,” he said. “But the extent of the damage is such that even after we do the work, it doesn’t take long before the problem returns.”

On his part, a community elder, Mallam Abubakar, told our reporter how the poor drainage system contributed to the collapse of at least two houses.

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“These houses you see here collapsed as a result of the lack of proper drainage,” he said. “Anytime there is heavy rain, especially at night, we live in fear.”

He appealed to relevant stakeholders to come to their aid.

Malama Ladidi, one of the residents whose home is flooded during the rainy season, also lamented her situation.

“The rainy season is terrible for us and our children,” she said. “We go through a lot of hardship. We don’t even sleep until we have drained the water that enters our rooms. This is a big problem. The youths are trying their best, but the government must step in.”

Finally, one of the youths in the community spoke about the role they played during elections, only to be neglected afterwards.

“All our neighboring areas have had this work done, except us. We are really suffering,” he said. “We helped bring this government to power. We contributed, but now we are not benefiting from anything.”

The residents said they had earlier reported the problem to authorities, particularly the Gwale Local Government, but nothing had been done.

In an effort to get the government’s side of the story, we visited the office of the Gwale Local Government Chairman, Hon. Abubakar Mu’azu Mojo. However, he was not available.

We also tried to reach him by phone and text message, but as of the time of filing this report, we had not received any response from him.

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Kano Governor Yusuf Visits Best Choice Specialist Hospital, Commends Staff, Managements

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The executive governor of Kano State Alhaji Abba Kabir Yusuf, has visited Best Choice Specialist Hospital in Kano to assess the quality of healthcare services being provided to residents and commend health workers for their commitment to saving lives.

The governor made the visit on Friday night as part of his routine inspections of healthcare facilities to assess service delivery and observe first-hand how patients are being attended to, particularly during night hours.

During the visit, Governor Yusuf inspected patients receiving treatment at the hospital and toured different sections of the facility accompanied by the doctor on duty and other members of staff.

The governor observed the activities of health workers and assessed the manner in which patients were being attended to at the time of his visit.

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He commended the staff of Best Choice Specialist Hospital for what he described as their dedication to providing healthcare services to the people of Kano State.

Governor Yusuf also acknowledged the contribution of private healthcare providers to the state’s healthcare system, stressing the importance of collaboration between government and private-sector operators in improving healthcare delivery.

The visit, according to the governor’s entourage, demonstrated that the administration’s concern for healthcare extends beyond government-owned facilities to private hospitals and other health institutions contributing to the wellbeing of residents.

Governor Yusuf thanked the management and staff of Best Choice Specialist Hospital for their efforts and commitment to saving lives.

As a gesture of encouragement, the governor presented the hospital staff with a special award in recognition of their service and dedication.

The governor’s visit also provided an opportunity to appreciate the role of private healthcare providers in complementing government efforts to expand access to medical services across Kano State.

Best Choice Specialist Hospital, located at Tal’udu Junction, opposite Sheikh Al Rayyan School in Kano, operates round the clock and provides healthcare services through qualified doctors and other medical personnel across its various departments.

The governor’s inspection forms part of his administration’s broader emphasis on monitoring healthcare delivery and ensuring that residents receive appropriate medical attention in both public and private health facilities across the 44 local government areas of Kano state.

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