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<p>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.</p><div class="oqNtqcF8" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>Senate Approves Massive Loans for 2025–2026 Fiscal Year<br />
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&#8217;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)</p>
<p>Nigeria’s Debt-to-GDP Ratio Hits Historic High</p>
<p>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)</p><div class="F3D9uCCA" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>Public Debt Soars With Little Tangible Impact</p>
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<p>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.</p>
<p>Human Development Indicators Still Alarmingly Low</p>
<p>Obi decried Nigeria&#8217;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.</p>
<p>Soaring Poverty and Child Deaths Amid Government Inaction</p>
<p>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)</p>
<p>Leadership Failures Highlighted in Debt Management</p>
<p>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)</p>
<p>Call for Economic Discipline and Inclusive Growth</p>
<p>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.</p>
<p>Vision for a New Nigeria<br />
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.”</p>
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