The Labour Party (LP)’s presidential candidate in the 2023 general election, Peter Obi, has again decried what he described as President Bola Tinubu’s administration’s penchant for reckless borrowing without accountability.
Obi spoke in response to the latest external borrowing plan approved by the Senate.
The Nigerian Senate had approved another external borrowing of $21 billion, €2.2 billion, and ¥15 billion for the 2025–2026 fiscal cycle.
The former Anambra State governor noted that with the latest approval, Nigeria’s debt now stands at N187 trillion with palpable fear that it might climb to N200 trillion before the end of the year.
Writing on his X handle on Tuesday, Obi said, “On July 22, 2025, the Nigerian Senate approved an additional $21 billion, €2.2 billion, and ¥15 billion of external borrowing for the 2025–2026 fiscal cycle.
“It also approved a N750.98 billion domestic bond issuance and a €65.65 million grant. With an already existing public debt of about N149.39 trillion as of the first quarter of 2025, adding the approved loans of about N37.2 trillion brings our current total debt to about N187 trillion, with concerns that our debt might likely be over N200 trillion by the end of 2025.
“As our GDP before rebasing was about N269.2 trillion (about $180 billion), the government has borrowed the equivalent of nearly 70% of our previous GDP. Even after the rebasing, which pushed our GDP to about N372.8 trillion (about $243.7 billion), the government would have borrowed about 50.16% of the new GDP (with the approved loans), the highest debt-to-GDP ratio in our history as a nation.
“While the year-on-year increase is about N27.72 trillion and the quarter-on-quarter increase is about N4.72 trillion, we are accumulating very exponential levels of unsustainable debt with little or nothing to show for it in critical areas such as education, healthcare, electricity generation, security of lives and property, and pulling people out of poverty.
“We still rank low in all major human development indicators. While education is underfunded and the standard is in continuous decline, healthcare remains inaccessible to millions of Nigerians, particularly the poor.
“Security of lives and property has deteriorated, with over 10,217 people killed and 672 villages sacked between May 29th, 2023, and May 29th, 2025, even when security spending has significantly increased from N2.98 trillion in 2023 to N4.91 trillion in 2025.
“Infrastructure decay persists across the country, with about 135,000 km of our 195,000 km of roads remaining unpaved, largely unmotorable, and unusable.
“It is the same depressing situation in almost all sectors of the economy, with the power sector an unquestionable example, with less than 5,000 MW supplied for over 200 million Nigerians.
“Today, over two years after the present government took over and with all the humongous borrowing, we are still confronted with negative reports of worsening poverty with about 133 million (63%) Nigerians classified as multi-dimensionally poor, increasing unemployment, and disheartening news like 652 children dead as the malnutrition crisis worsens in Northern Nigeria.
“Médecins Sans Frontières (MSF), also known as Doctors Without Borders, has just sounded the alarm over an escalating malnutrition crisis in Northern Nigeria, with Katsina State emerging as one of the worst-hit areas
“This is a country blessed with enormous resources, yet nobody should go to bed hungry. Still, a persistent deficiency in leadership has thrown the majority of our citizens into increasing multi-dimensional poverty.
“Borrowing is not inherently bad if it is sustainable and tied to productive investments with measurable outcomes. Unfortunately, this current pattern of borrowing without accountability, without transparency, and without transformational impact is simply mortgaging the future of our children.
“The government should consider the intergenerational consequences of their unsustainable borrowings and show at least a minimum consideration and interest in the future of young and unborn Nigerians.
“We must return to a disciplined and prudent economic management culture, cutting the cost of governance, blocking leakages, investing in human capital, and building a productive economy. Nigeria cannot continue to borrow recklessly while poverty deepens and public trust erodes.
“It is time to stop this fiscal indiscipline. We must build a New Nigeria, where leadership is responsible, development is people-centred, and every kobo borrowed or spent delivers a measurable impact to achieve sustainable and inclusive development and growth.”
The senator representing Edo North, Adams Oshiomhole, has defended his call for the nationalisation of MTN and other South African-owned companies operating in Nigeria, saying the country must prioritise the lives of its citizens over foreign investment.
He made the call on Tuesday during an interview on Arise News, where he reacted to renewed xenophobic attacks against Nigerians in South Africa.
Recall that Oshiomhole, speaking last week on the floor of the Senate, said Nigeria must respond firmly to protect its citizens, stressing reciprocity in international relations.
His words, “I am aware that MTN is quoted, and therefore Nigerian shareholders can hold on, but we take away the South African rights,” he said.
Oshiomhole further proposed that the FG could nationalise affected companies, including financial institutions, and later re-privatise them under Nigerian control.
“And because of the issue… you nationalise, and then you re-privatise it so that Nigerians can take it over, and the profit they are taking out of Nigeria will be retained here. There will be no South African share in it,” he added.
Oshiomhole also claimed that South African authorities only responded meaningfully after diplomatic pressure from Nigeria, though he did not provide evidence for the assertion.
“Thereafter, President Ramaphosa came out clearly to condemn the attack on Black people. He didn’t do that until I attacked his interests,” he said.
He insisted that human life must take priority over economic considerations, arguing that investment should not come at the cost of Nigerian lives.
“If anything leads to the death of Nigeria, what is the value of wealth to the dead? We don’t want investors who invest at the expense of human blood. Even in my poverty, I value my life,” he said.
“Life is more important; we don’t want investors who invest at the expense of human blood. If you need Nigerian blood to service and you don’t care about Nigerian human blood because you want to attract investors, even in my poverty, I value my life.”
The former governor linked his position to what he described as repeated attacks on Nigerians in South Africa, alleging that justice had not been served in previous incidents.
“When a country, for the first time, killed Nigerians, they got away with it. The second time, they killed Nigerians; they got away with it. Third time, they killed Nigerians; they got away with it,” he said.
He added, “Under Buhari, there was an agreement. They broke it. They are killing Nigerians. Nobody is in prison for murder, or extrajudicial murder.
“You are talking about law. Is there no law protecting the life of foreigners who live in your country? Even if they were there illegally, there are legal ways to repatriate them, to deport them,” he said.
The United Kingdom has taken widespread action and imposed sanctions against a shadowy network of traffickers, foreign recruiters and drone suppliers blamed for Moscow’s war in Ukraine and allegedly trafficking vulnerable Nigerians and other nationals to fight in Ukraine.
The UK government on Wednesday said 35 individuals and entities linked to what it described as a “barbaric pipeline” that lures desperate migrants with false promises, only to funnel them into frontline combat or forced labour in Russia’s expanding drone factories have been severely sanctioned.
UK officials noted that recruiters allegedly tied to the Russian have been targeting citizens from countries including Nigeria, Egypt, Iraq and Ivory Coast—offering jobs, education or migration pathways—but ultimately deploying victims to Ukraine under harsh, often deadly conditions.
The notorious Alabuga Start programme, is linked to a sanctioned Russian entity that allegedly channels foreign recruits into drone manufacturing hubs and reports said that in some instances vulnerable Nigerians and nationals of others countries unfortunate to be recruited are sent directly to the battlefield with little or no training and effectively used as “cannon fodder,” according to UK authorities.
“This is exploitation at its most brutal,” UK official Stephen Doughty said, describing the networks as both predatory and integral to sustaining Russia’s war effort. “We are exposing and dismantling the pipelines that traffic vulnerable people and feed illicit components into Putin’s drone factories.”
The sanctions also strike at the technological backbone of Russia’s escalating aerial assaults, a statement from the UK High Commission in Abuja said.
Among those listed is Pavel Nikitin, whose company produces the VT-40—one of the low-cost, mass-produced drones increasingly deployed in attacks across Ukrainian cities. The urgency of the action is underscored by a sharp escalation in drone warfare, the statement added.
In March 2026, Russia reportedly launched more than 200 drones per day—the highest rate since the war with Ukraine began—intensifying strikes on civilian areas and critical infrastructure. Security analysts warn that Moscow’s reliance on cheap, high-volume drone production has reshaped the battlefield and prolonged the conflict.
Nigerian authorities are reportedly disturbed over the alleged role of Polina Alexandrovna Azarnykh, identified as a central figure in coordinating the movement of foreign recruits into Russia before their deployment to Ukraine. British officials also said some of those recruited have already died.
British Deputy High Commissioner in Abuja Gill Lever confirmed that Nigerians have been directly affected, warning that the schemes deliberately prey on economic vulnerability.
“These sanctions shine a light on those exploiting innocent Nigerians to sustain an illegal war,” she said, noting that many victims were misled into believing they were securing legitimate opportunities abroad.
Her comments came about following recent warnings by Nigeria’s Ministry of Foreign Affairs, which had warned Nigerian citizens against suspicious overseas job offers linked to the conflict.
The Federal High Court in Abuja has ordered the interim forfeiture of nine properties linked to the former Minister of State for Petroleum Resources, Timipre Sylva, to the Federal Government.
Justice Obiora Egwuatu made the order after the Economic and Financial Crimes Commission counsel, Oluwaleke Atolagbe, moved an ex parte motion to the effect.
Our correspondent reports that though Justice Egwuatu delivered the ruling on April 24, the enrolled order was sighted on Wednesday, May 6.
The affected assets are located across high-value areas in Abuja.
They include four blocks of terraces at Dakibiyu; a duplex with penthouse and office complex at No. 3, Niger Street, MStreet; one standalone duplex at Villa 1, Unit 1, Palm Springs Estate, Mpape; and a block of flats with 10 units of flats at No. 8, Sefadu Street, Wuse Zone 4, Abuja.
Others are blocks of flats with six units of flats at No. 1, Mubi Close, Garki, Abuja; two blocks with 12 units of flats at Plot 1181, Thaba Tseka Crescent, Wuse II, Abuja; one standalone duplex at No. 18, Nile Lake, Plot 1271, Maitama, Abuja,
The ninth property is a two-block building, which is currently occupied by the National Information Technology Development Agency, and is located at No. 5, Aguta Street, Garki, Abuja.
The judge said: “It is hereby ordered as follows: An interim order of this honourable court is made forfeiting the properties listed in the schedule attached herein, being properties suspected to be proceeds of some unlawful activities pending the publication and hearing of the motion on notice for final forfeiture order of the said properties.
“An order of this honourable court is made directing the publication of the interim order under order (1) above for anyone who is interested in the property to appear before this honourable court to show cause within 14 days why the final order of forfeiture should not be made in favour of the Federal Government of Nigeria.”
Justice Egwuatu also granted the EFCC’s request that the publication of the order shall be made in any two of the following newspapers: Thisday, Guardian, PUNCH, Vanguard, Tribune or Independent Newspapers within seven days from the receipt of the certified true copy of the order.
The judge then adjourned the matter until May 25 for a report of compliance.
The commission had, in the suit marked: FHC/ABJ/CS/607/2026, filed the application under provisions of the Advance Fee Fraud and Other Related Offences Act, 2006.
Moving the motion, Atolagbe sought an interim order, forfeiting the properties to the Federal Government pending the publication and hearing of the motion on notice for a final forfeiture order of the said properties.
He said the properties were suspected to be proceeds of some unlawful activities.
The lawyer urged the court to direct the anti-graft agency to make the publication of the order in any national newspaper for anyone who is interested in the properties to show cause within 14 days why the final order of forfeiture should not be made in favour of the Federal Government.
Our correspondent reports that Sylva, a former governor of Bayelsa State, has also been mentioned in connection with an alleged failed coup plot against President Bola Tinubu, though he has not been formally charged in that case and is reportedly still at large.