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Former Anambra State Governor and 2027 Presidential Candidate of the Nigeria Democratic Congress (NDC), Mr. Peter Obi, has called on President Bola Tinubu to provide a full account of the whereabouts of substantial undeployed funds borrowed by the federal government, amid concerns over escalating public debt and lack of visible developmental outcomes.
In a strongly worded statement, Obi expressed deep concern over the federal government’s borrowing practices, noting that while significant loans have been secured, a large portion of the appropriated capital funds remains unutilized or unaccounted for. He highlighted that Nigerians deserve clear explanations on how these public resources are being managed, questioning whether the undeployed balances have been redirected to recurrent expenditure, official entertainment, or other non-productive uses.
“The most disturbing aspect of the financial management fiasco under Bola Tinubu is that there is no explanation or information regarding how the balance was utilised or deployed,” Obi stated. “The question that Nigerians are rightly asking and deserve an answer to is: what happened to the balance?”
Obi pointed to official data indicating that public debt has risen sharply, approaching or exceeding N200 trillion in naira terms since the previous administration, even as capital budget utilization for critical infrastructure and security remains low. He criticized the absence of accountability in fiscal governance and emphasized that borrowing must translate into tangible benefits for citizens rather than burdening future generations.
The Labour Party stalwart reiterated his commitment to prudent financial management, transparency, and people-centered governance. He urged the Tinubu administration to prioritize fiscal discipline, release details on fund deployment, and ensure that borrowed resources are channeled toward productive investments in infrastructure, security, education, and healthcare.
“Nigerians have the right to know how their national resources are being managed,” Obi added. “Public borrowing should produce visible developmental outcomes, not hidden expenditures or unexplained shortfalls.”
Obi called on relevant government agencies, including the Debt Management Office and the Ministry of Finance, to publish comprehensive reports on all borrowings, disbursements, and utilizations to restore public confidence.