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Former Labour Party presidential candidate, Peter Obi, has alleged that the administration of President Bola Ahmed Tinubu has borrowed more money than the combined debts accrued under former Presidents Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
TJ News Nigeria reports that Obi made the claim on Sunday during an interview on Channels Television’s Sunday Politics, monitored by Tribune Online. However, as of the time of this report, no official data from the Debt Management Office (DMO) or other financial regulatory agencies has been published to either confirm or refute the assertion.
Obi: Tinubu’s Borrowing Surpasses Previous Three Administrations
While speaking during the programme, Obi said the rate at which Nigeria’s public debt is rising under the current administration is alarming. He suggested that the country’s debt profile under President Tinubu has surpassed the combined borrowing of the three previous governments.
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“This government has borrowed more in one year than the combined total of Yar’Adua, Jonathan, and Buhari,” Obi alleged, without citing specific figures.
He did not provide verifiable data or breakdowns to support his claim during the broadcast.
No Agreement Yet on 2027 Presidential Candidate — Obi
Shifting focus to the upcoming 2027 general elections, Obi stated that there has been no formal discussion within the opposition coalition—led under the African Democratic Congress (ADC) platform—about who will emerge as the coalition’s presidential candidate.
“Again, this is not in play. Nobody has ever discussed that (being a running mate to Atiku). People assume so many things,” Obi said.
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“Nobody has ever discussed with me whether I’m going to be A or B or C, that he is going to contest for the presidency of the Federal Republic of Nigeria. I don’t believe in assumptions.”
Coalition Seeks Competent Leadership
TJ News Nigeria gathered that Obi stressed the coalition’s mission is not focused on personalities but on presenting a competent candidate with the capacity to govern effectively.
“I’m part of a coalition that will be able to produce a competent president with capacity. There’s no option here. So we’re not talking about options. It has to be on the ballot. Well, the rest is for Nigerians to decide,” he stated.
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Obi’s remarks appear aimed at dispelling ongoing speculation about his possible running mate alliance with former Vice President Atiku Abubakar, or about his role in the broader opposition coalition.
One-Term Proposal Under Review
According to sources close to the coalition, Obi has proposed serving a single presidential term if elected in 2027—a move some interpret as a compromise strategy to unify opposition interests.
The coalition includes key political figures such as:
- Atiku Abubakar (PDP)
- Nasir El-Rufai (Former Kaduna Governor)
- Rotimi Amaechi (Former Transportation Minister)
- Peter Obi (Labour Party)
Though diverse in ideology and party affiliation, they have reportedly agreed to pursue a unified candidate to challenge the ruling All Progressives Congress (APC).
Analysts Weigh In on Coalition’s Credibility
The coalition’s emergence has triggered political debate nationwide. Some political analysts believe it could reshape Nigeria’s political structure by presenting a formidable alternative to the APC.
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However, TJ News Nigeria learnt that critics have expressed skepticism about the coalition’s credibility, noting that several of its members are former office holders with controversial records.
“There’s concern that the coalition may be a recycling of old faces with little ideological difference from the ruling party,” one political commentator observed.
Despite these doubts, the coalition appears to be gaining momentum ahead of the 2027 elections, especially amid rising public dissatisfaction with current economic conditions and insecurity under the Tinubu administration.
Nigeria’s Debt Profile: What the Numbers Say
As of Q1 2024, Nigeria’s total public debt stood at ₦97.34 trillion, according to the Debt Management Office (DMO). This includes both external and domestic debts.
However, a comparative breakdown of borrowing by each administration—Yar’Adua (2007–2010), Jonathan (2010–2015), Buhari (2015–2023), and Tinubu (2023–present)—is not readily available in the public domain, making Obi’s claim difficult to independently verify.
Economists argue that debt sustainability is more important than the absolute figures, especially if borrowings are tied to productive sectors. But concerns persist over how Nigeria is servicing its debts amid dwindling revenue and subsidy removal effects.
How much has Tinubu borrowed.
President Bola Tinubu’s administration, since assuming office in May 2023, has significantly increased Nigeria’s borrowing to finance budget deficits and various development projects. Below is a breakdown of reported borrowing activities based on available information as of July 2025:
External Borrowing
World Bank Loans
Between May 2023 and September 2024, Tinubu’s government secured approximately $7.2 billion in loans from the World Bank. These include:
- $750 million for the electricity sector
- $800 million for social safety nets
- $2.25 billion for economic stabilization
- $1.57 billion, approved in September 2024, for various development projects
- Additional loans:
- $750 million for power infrastructure
- $500 million for women’s empowerment
- $700 million for girls’ education
- $750 million for renewable energy
- $750 million for resource mobilization and fiscal reforms
Proposed 2025–2026 Borrowing Plan
President Tinubu has requested approval for a comprehensive borrowing plan totaling approximately $26 billion to finance budgetary shortfalls for 2025–2026. This includes:
- $21.5 billion in external loans
- €2.2 billion (approximately $2.5 billion)
- 15 billion Japanese Yen (approximately $104 million)
- $2 billion in domestic, dollar-denominated borrowing
Other External Loans
In November 2024, the administration requested Senate approval for ₦1.767 trillion (approximately $2.2 billion at the time) to help finance the 2024 budget deficit of ₦9.7 trillion. The request was approved.
Domestic Borrowing
Ways and Means Advances (CBN)
Between July and December 2023, the federal government borrowed ₦2.94 trillion through Ways and Means Advances from the Central Bank of Nigeria (CBN). In addition, Tinubu sought Senate approval for the securitization of ₦7.3 trillion in outstanding Ways and Means loans, which was granted in December 2023.
Federal Government Bonds
In the last quarter of 2023, the Debt Management Office (DMO) announced plans to raise between ₦960 billion and ₦1.2 trillion through the re-issuance of Federal Government bonds.
Domestic Bond Issuance for Pension Settlement
In 2025, the Tinubu administration sought approval to raise ₦757.9 billion through domestic bond issuance to clear outstanding national pension obligations.
Total Borrowing Estimates
External Debt
- From May 2023 to September 2024, the administration secured at least $7.2 billion in external loans.
- An additional $26 billion has been proposed for the 2025–2026 fiscal years (not all of which may have been disbursed yet).
Domestic Debt
- ₦2.94 trillion borrowed via Ways and Means in 2023
- ₦960 billion to ₦1.2 trillion in bond re-issuance
- ₦757.9 billion proposed for national pension settlement in 2025
Cumulative Debt Impact
As of June 2025, Nigeria’s total public debt had reached ₦149.3 trillion, up from approximately ₦70 trillion when Tinubu took office in May 2023. External debt alone rose to $45.1 billion by the end of 2024, reflecting the combined impact of new loans and the depreciation of the naira.
Pay Attention To: BREAKING: Senators Binani, Halliru Jika Dump APC, Join ADC in Major Political Realignment
TJ News Nigeria will continue to monitor developments around the ADC opposition coalition, 2027 elections, and Nigeria’s public debt profile as more data and political alignments emerge.
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