Former Anambra State Governor Peter Obi has criticised President Bola Tinubu’s administration over N7.7 trillion in debt interest payments in the primary half of 2026, arguing that enhancements in financial indicators haven’t translated into higher residing circumstances for Nigerians.
Obi made the remarks in a submit on X whereas reacting to a World Bank report titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities.
He questioned the federal government’s presentation of financial progress, saying poverty discount, job creation and declining inequality must be the important thing measures of growth.
The NDC presidential candidate additionally raised issues concerning the Federal Government’s income and expenditure, arguing that rising debt prices and decrease capital spending undermine claims of financial progress.
Debt interest payments exceed income
According to the figures Obi cited from the World Bank report, the Federal Government spent N7.7 trillion on debt interest payments between January and June 2026, towards whole income of N6.2 trillion. He mentioned interest payments exceeded income by roughly N1.5 trillion, representing 124.2% of income for the interval.
- “The World Bank noted that the Federal Government spent a whooping N7.7 trillion on debt interest payments alone in the first six months of 2026 from January to June. This represents about 124.2% of our total revenue of N6.2 trillion within the same period with debt interest payment exceeding revenue by about N1.5 trillion. How do you explain the unsustainable debt crisis even with exponential increase in revenue that we have had since 2023?,” he famous.
Obi questioned how the federal government may handle the nation’s debt burden regardless of elevated income since 2023. He additionally argued that capital expenditure had declined by about N700 billion in the primary half of 2026, whereas interest payments have been roughly 11 occasions increased than spending on capital tasks.
He attributed the scenario to what he described as extreme borrowing, corruption and incompetence beneath the Tinubu administration.
The issues come amid beforehand reported will increase in Nigeria’s debt-service prices.
Nairametrics reported that Nigeria spent roughly N16 trillion servicing its debt in 2025, up 22.9% from N13.02 trillion in 2024, based mostly on an evaluation of Debt Management Office information.
- In August 2026, Nairametrics reported that Nigeria incurred N10.61 trillion in extra debt-service prices between June 2023 and December 2025, exceeding the N6.47 trillion spent on strategic infrastructure growth over the identical interval.
- The extra prices have been attributed to exchange-rate depreciation and better home interest charges.
These figures present context for Obi’s issues concerning the share of presidency assets going in the direction of debt obligations fairly than infrastructure and different public priorities.
Peter Obi questions Tinubu’s financial good points
Obi mentioned the enhancements in financial progress and income technology highlighted in the World Bank’s evaluation shouldn’t be introduced as proof that Nigerians’ residing requirements have improved.
He argued that financial stability must be measured by whether or not households can afford meals, entry healthcare, educate their youngsters and dwell with dignity, fairly than by macroeconomic indicators alone.
In his assertion, Obi mentioned:
- “So-called ‘economic stability’ has not resulted in higher living standards, improved employment opportunities, and reduction of poverty and inequality across Nigeria.”
- “An economy is not truly stabilized simply because government revenue increases, foreign reserves strengthen, or GDP grows.”
- “The definitive measure of economic success is not the apparent stability of the economy on paper, but the quality of people’s lives.”
Obi additionally questioned the advantages of the federal government’s reforms for households dealing with excessive residing prices, saying the influence of financial insurance policies must be assessed by their penalties for the poorest and most weak.
He urged the administration to concentrate on making enhancements in financial indicators translate into measurable good points in residents’ welfare.
World Bank raises Nigeria’s progress forecast
The World Bank has raised its forecast for Nigeria’s financial progress in 2026 to 4.3%, from 4.0% in 2025, with progress projected at 4.4% yearly in 2027 and 2028.
The improved outlook supplies a measure of the nation’s projected financial efficiency, however Obi argued that progress figures alone don’t set up whether or not households are experiencing higher residing circumstances.
He known as on the Federal Government to overview its reforms and concentrate on outcomes that Nigerians can see and really feel, notably in poverty discount, employment and inequality.
Obi additionally cited a determine of about 140 million Nigerians residing in multidimensional poverty and referred to a latest United Nations Development Programme report that he mentioned confirmed reversals in poverty-reduction good points.
