Former Labour Party presidential candidate, Peter Obi, has condemned the Federal Government’s plan to borrow ₦17.89 trillion in 2026 to finance the budget deficit, describing it as “fiscal rascality.”
In a post on his X handle on Friday, Obi argued that the country cannot continue to “mortgage the future” of its youth through what he termed reckless borrowing.
According to the 2026 budget framework released by the Budget Office of the Federation, the borrowing requirement stems from a larger fiscal deficit and weaker revenue outlook. The framework projects a ₦20.12tn deficit for 2026, up from ₦14.10tn approved for 2025, despite a slight reduction in overall expenditure compared with the current year.
Obi questioned why the government was discussing new borrowing when the 2024 budget was still being implemented and details of the 2025 budget remained unclear.
“At a time when debt servicing alone is projected to consume nearly half of national revenue, and borrowing requirements have surged by over 72 per cent, we must ask: where is the revenue from 2025?” he said.
He further stated that “It is time for us to stop this fiscal rascality, especially with uncontrolled and unexplained borrowing that is not being invested in the productive sectors of our nation, but instead ends up in consumption.
“We cannot keep mortgaging the future of our children through thoughtless borrowing.
We cannot continue this way.
He criticised the government’s claims of surpassing revenue targets in 2025, insisting that borrowing has not been channelled into productive sectors but consumed without accountability.
Obi maintained that Nigeria cannot borrow its way into prosperity, stressing that nations grow by producing, exporting, and creating value, while building strong institutions that ensure transparency and efficient use of public funds.
“We cannot build a new Nigeria on misleading figures, rising debts, shrinking production, and continuous hardship. Governance must be built on transparency, not propaganda,” he added.
The former Anambra State governor urged the government to halt uncontrolled borrowing and focus on policies that stimulate production and sustainable growth.
