The presidential candidate of the Nigerian Democratic Congress (NDC), Peter Obi, has criticised the economic policies of President Bola Tinubu’s administration.
The former Anambra governor alleged that despite a significant increase in government revenue, the living conditions of Nigerians have continued to deteriorate.
In a statement issued on Wednesday, Obi argued that the Federal Government’s claim of improved revenue generation had not translated into better welfare for citizens, pointing instead to rising poverty, unemployment and public debt.
Referencing President Tinubu’s recent assessment of his administration’s performance after three years in office, Obi noted that the government had highlighted an increase in revenue from N16.8 trillion in 2022 to N35 trillion in 2025.
“In celebrating three years of his administration, President Bola Tinubu included, among his achievements, an increase in revenue from N16.8 trillion in 2022 to N35 trillion in 2025. An increase of over 100 per cent,” Obi stated.
The former governor said the sharp rise in revenue should ordinarily have reduced the government’s dependence on borrowing. Instead, he alleged that the administration had continued to accumulate debt at an alarming rate.
“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case. In just three years, President Bola Tinubu’s government seems to be obsessed with excessive and imprudent borrowing, with our total debt currently about N200 trillion — a deeply disturbing increase of over N100 trillion,” he said.
Obi further argued that Nigeria had earned more than its budgeted revenue targets due to favourable global and regional economic conditions, making the country’s growing debt profile even more difficult to justify.
“In addition to the exponential increases in both revenue and debt, it is also important to note that Nigeria has earned far more than the budget revenue targets due to global and regional geoeconomic and political tensions,” he added.
Despite the reported growth in revenue and borrowing, Obi maintained that key economic and social indicators had worsened since 2023. According to him, poverty levels have risen sharply, unemployment has increased and average income levels have declined.
“Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio-economic and governance indicators are worse than in 2023. Multi-dimensional poverty has increased from 87 million people in 2023 to over 140 million people in 2025. Rapidly increasing unemployment and a decline in GDP per capita from $1,597 in 2023 to $1,223 in 2025, and the list goes on,” he stated.
The NDC candidate said the worsening economic realities had left many Nigerians questioning how public resources had been managed over the past three years.
“Just more and more hardship for Nigerians. The question Nigerians and even the international community are asking is, ‘Where did all the money go?’” Obi said.
He called on the Federal Government to provide a detailed account of the country’s finances and economic performance since 2023, insisting that Nigerians deserve greater transparency and accountability in the management of public resources.
“Nigerians deserve a detailed and transparent explanation of what happened to our economy and financial resources since 2023, and a stop to the imprudent, unaccountable and opaque management of our common patrimony,” he said.
Obi, however, expressed optimism about the country’s future, maintaining that with prudent leadership and productive economic policies, Nigeria could overcome its current challenges and achieve sustainable growth.
