In a recent video post on YouTube from 3:06, former Labour Party presidential candidate, Peter Obi, has raised fresh concerns over Nigeria’s growing debt profile, warning that the nation is sliding deeper into unsustainable borrowing without corresponding growth in the productive sector.
Obi, in a statement, revealed that Nigeria’s total debt burden has now reached about ₦170 trillion, a figure that represents nearly half of the country’s Gross Domestic Product (GDP).
He lamented that despite the alarming debt levels, there has been no meaningful improvement in infrastructure, industry, or other critical sectors that could drive economic productivity.
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“Our total debt stands at about 170 trillion, nearly 50% of our GDP without any improvement in our productive sector,” Obi stated, describing the situation as worrisome for both the present and future generations.
He stressed that borrowing in itself is not a problem if channeled into investments that yield economic returns, but in Nigeria’s case, debt has largely been used for recurrent expenditure, debt servicing, and unsustainable subsidies.
This, he argued, leaves the nation with little to show in terms of development, while repayment obligations continue to rise.
Economists have also echoed Obi’s concerns, noting that high debt service-to-revenue ratios limit the government’s ability to invest in education, healthcare, infrastructure, and job creation.
With dwindling revenues and a struggling naira, the debt burden continues to weigh heavily on Nigeria’s fiscal health.
Obi urged the government to prioritize fiscal discipline, diversify the economy, and redirect resources into sectors like agriculture, manufacturing, and technology that can create jobs and boost exports.
He emphasized that Nigeria cannot borrow its way out of poverty, but must build a self-sustaining economy driven by productivity.
“Our total debt stands at about 170 trillion, nearly 50% of our GDP without any improvement in our productive sector,” Obi warned, insisting urgent reforms are needed to prevent a full-blown economic crisis.