BREAKING: Obi Blasts Tinubu’s Borrowing Policy, Calls It ‘Economic Cancer’

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According to a report by Vanguard on Thursday, April 30, 2026, a former presidential candidate, Peter Obi, has criticised the borrowing approach of President Bola Tinubu, warning that the country’s growing debt profile poses serious risks to its economic future.

In a statement shared on social media, Obi argued that Nigeria’s challenge goes beyond the size of its debt, stressing that many loans are not channelled into productive ventures capable of generating growth, employment, or improved living standards.

He maintained that borrowing for consumption rather than investment undermines economic stability and weakens long-term development prospects. According to him, responsible economies adopt disciplined borrowing strategies tied to clear, value-driven projects with defined repayment structures.

Obi also referenced the Fiscal Responsibility Act 2007, noting that it requires transparency in borrowing, including clear objectives and cost-benefit analysis. He, however, expressed concern that several loans undertaken by the current administration fall short of both legal and economic expectations.

Highlighting the burden of debt servicing, Obi said rising repayment obligations are limiting the government’s capacity to invest in critical sectors necessary for national development. He warned that such a pattern creates pressure on public finances without delivering corresponding economic benefits.

“Borrowing is not only a leprosy, but a killer cancer when it is borrowed for consumption and not production as it is in Nigeria today,” he said.