By BONIFACE AKARAH

The Nigeria Democratic Coalition (NDC) Presidential Candidate, Peter Obi, has questioned the Federal Government's fiscal management under President Bola Ahmed Tinubu, arguing that rising revenue and increased borrowing have failed to translate into improved living conditions for Nigerians."

Obi, in a statement released on Friday, expressed concern over what he described as a contradiction between the administration's claims of significantly improved revenue generation and the continued accumulation of public debt.

According to Obi, President Tinubu, while marking the third anniversary of his administration, listed among his achievements an increase in government revenue from N16.8 trillion in 2022 to N35 trillion in 2025.

“The President included, among his achievements, an increase in revenue from N16.8 trillion in 2022 to N35 trillion in 2025,” Obi stated.

The 2023 Labour Party Presidential Candidate and former Anambra State Governor noted that the reported increase represents more than a 100 per cent rise in revenue within three years.

However, he argued that despite the increase in earnings, the Federal Government has continued what he described as excessive borrowing, pushing Nigeria's total debt profile to about N200 trillion.

“Shockingly, while Nigerians expected a reduction in borrowing with the exponential increase in revenue, the opposite is the case,” Obi said.

He further stated: “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.”

Obi contended that Nigeria had also earned more than its projected budget revenues due to global and regional economic developments.

“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 stated.

The former governor also expressed concern over what he described as worsening socio-economic indicators despite the increase in both government revenue and public debt.

According to him, multidimensional poverty has risen significantly since 2023, while unemployment has continued to increase. He also pointed to a decline in Nigeria's GDP per capita, which he said dropped from $1,597 in 2023 to $1,223 in 2025.

“Alarmingly, even with the astronomical increase in both revenue and debt, almost all key socio-economic and governance indicators are worse than in 2023,” Obi said.

He added: “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.”

The former governor argued that many Nigerians are yet to feel the benefits of the administration's economic policies, insisting that living conditions have continued to deteriorate.

“Just more and more hardship for Nigerians,” he stated.

Obi said the key question being asked by citizens and members of the international community is how the increased revenue and borrowing have been utilised.

“The question Nigerians and even the international community are asking is: ‘Where did all the money go?’” he said.

He called for greater transparency and accountability in public finance management, urging the government to provide Nigerians with a detailed explanation of developments in the economy since 2023.

“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,” Obi stated.

He maintained that Nigeria possesses the capacity to overcome its economic challenges through prudent management of public resources and productive governance.

“A new and productive Nigeria is possible, and Nigeria will be OK,” he added.