Obi Accuses Federal Government of 'Borrowing Madness'; Says 2025 Revenue Has Disappeared Into Thin Air | READ DETAILS

The 2023 Labour Party presidential candidate, Peter Obi, has launched a blistering attack on the Federal Government over its plan to borrow an additional 20 trillion to finance the 2026 budget, warning that Nigeria is sinking deeper into what he described as "fiscal rascality.

In a strongly worded statement posted on his verified X handle on Friday, Obi condemned what he called the government's "uncontrolled and unexplained borrowing spree,ÔÇØ insisting that Nigeria cannot continue piling debts without visible investments in productive sectors that grow the economy.

Obi, who has consistently criticized the nation's debt culture, expressed shock that the government was discussing massive loans for 2026 when the 2024 budget remains largely unimplemented - and when there is no public clarity on what happened to the revenue generated in 2025.

"Nigerians woke up again to the troubling news that the Federal Government plans to borrow about 20 trillion in new loans, he wrote. "This is at a time when debt servicing alone is projected to consume almost half of our national revenue.

He questioned why Nigeria is discussing future loans when current budgets remain unaccounted for.

"It is time to stop this fiscal rascality,ÔÇØ Obi declared, accusing the government of mortgaging the future of young Nigerians through "thoughtless borrowing that ends up in consumption.ÔÇØ

According to him, the contradiction between claims of increasing revenue and the FG's desperation for more loans raises serious concerns about transparency, accountability, and the true health of the economy.

"For years, I have maintained that Nigeria cannot borrow its way into prosperity. Nations grow by producing, exporting, and creating value - not by borrowing to finance consumption,ÔÇØ he said.

Obi warned that the nation is heading toward a dangerous cliff if the government does not immediately halt reckless borrowing and prioritize production-driven policies.

His statement has ignited fierce reactions across social media, with many Nigerians supporting his position, while others accuse the government of leading the country into a debt trap.