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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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Nigeria’s Power Supply to Improve in Two Weeks as Gas Pipeline Work Nears Completion

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By Yusuf Danjuma Yunusa

Nigerians can expect a steady improvement in electricity supply within the next two weeks, following the completion of maintenance work on a critical gas pipeline, according to Adebayo Olowoniyi, Chief Technical Adviser to the Minister of Power.

Speaking during an appearance on Arise TV on Thursday, Olowoniyi addressed the recent nationwide blackouts that have disrupted homes, businesses, and industries. His remarks came just days after the Minister of Power, Adebayo Adelabu, issued a public apology over the worsening power situation.

Olowoniyi defended the minister’s apology, framing it not as an admission of personal failure but as a demonstration of accountability. “I think, first of all, I’d like to start with the apology from the Honourable Minister, which we believe is all about taking leadership in the sector,” he said.

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“It is not necessarily directly his fault for the challenges that we have, but as the Minister of Power, it was the right leadership step to say, ‘I take ownership of this issue, and I’m going to prefer a solution that would ensure power supply comes back in the shortest available time.'”

The adviser attributed the recent grid instability to disruptions in a major gas pipeline, which supplies fuel to power plants responsible for approximately 75 per cent of the nation’s electricity generation.

“One of the major gas pipelines in Nigeria was undergoing maintenance, and gradually that process is being completed,” Olowoniyi explained. “We’re sure that within the next two weeks, full gas pressure will be back on the gas pipelines, and the power plants will be able to get enough gas at least to go back to their level of generation that they had in the last two to three months.”

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Court Orders Arrest of PDP Factional Chairman Kabiru Turaki for Skipping Trial

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By Yusuf Danjuma Yunusa

A High Court in the Federal Capital Territory (FCT) has issued a bench warrant for the arrest of Kabiru Turaki, a factional national chairman of the Peoples Democratic Party (PDP), following his failure to appear before the court.

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Justice U.P. Kekemeke issued the warrant on Thursday, ruling that the former minister had provided no valid justification for his absence from the proceedings.

The warrant stems from a one-count charge filed against Turaki by the Inspector-General of Police (IGP). The charge alleges that Turaki provided false information to the police in a petition dated October 2022.

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Youth Call on Ibrahim Little to Contest for Kano Governorship Under ADC

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The Kano Youth Concern Initiative has called on ADC chieftain Ibrahim Ali Amin Little to declare his intention to contest for the Kano State governorship under the platform of the African Democratic Congress (ADC).

The group made this known in a statement issued on Thursday, signed by its Chairman, Comrade Abubakar Junaid Binoni, and its Secretary, Saidu Muhammad Ahmad.

According to Binoni, it is high time the ADC chieftain stepped forward to contest for the governorship in order to salvage Kano from the grip of entrenched political godfathers who, in their view, have hindered the state’s progress.

“It is only an independent-minded leader with courage and vision that can drive rapid economic development in Kano, widely regarded as Nigeria’s commercial nerve centre,” Binoni stated.

He further emphasized that Little’s strong background in the private sector sets him apart from previous governors of the state, many of whom were largely career civil servants with limited exposure to private enterprise and, in some cases, products of political godfatherism.

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“Ibrahim Ali Amin Little possesses the administrative competence, business acumen, and strategic thinking required to reposition Kano for sustainable growth. His experience in the private sector gives him a practical understanding of job creation, investment attraction, and economic diversification—qualities that are critical for a modern and thriving Kano State,” he added.

The group also noted that Little’s longstanding interest in serving the state, dating back over a decade, reflects a deep sense of patriotism, resilience, and commitment to the welfare of the people.

“His passion and consistent efforts toward the governorship over the years demonstrate that his ambition is driven not by personal gain, but by a genuine desire to uphold the integrity and advance the interests of the people of Kano,” the statement read.

They expressed confidence that under Little’s leadership, Kano could witness significant transformation in key sectors such as commerce, infrastructure, youth empowerment, and industrial development, ultimately restoring the state’s status as a leading economic hub in Nigeria.

The group concluded by urging him to heed the call of the youth and formally declare his intention, stressing that they would not hesitate to explore all legitimate means to compel him to do so if he fails to respond.

“We strongly believe that the future of Kano depends on visionary leadership, and Ibrahim Ali Amin Little has what it takes to lead the state to greater heights,” Binoni said.

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