ABUJA, Nigeria — President Bola Tinubu’s administration is facing a barrage of criticism as Nigeria’s national debt is projected to surge toward a staggering ₦200 trillion in 2026, amid accusations of reckless public spending and a paralyzed political opposition.
The fiscal alarm was sounded most recently by Peter Obi, who pointed out the grim contrast between the current administration and its predecessor. While the Buhari government left a debt of ₦87 trillion after eight years, the Tinubu presidency is on track to double that figure in just three years—all while the removal of fuel subsidies, which was promised to provide “fiscal space,” has instead seen petrol prices climb as high as ₦1,400 per litre.
Critics point to a pattern of “careless spending” within the presidency, noting that while the average Nigerian struggles with historic inflation and hunger, the 2026 budget continues to prioritize lavish administrative costs and luxury acquisitions over tangible infrastructure or poverty alleviation. “We are borrowing to fund the lifestyles of the elite, not the development of the nation,” one civil society leader remarked.
The situation has been exacerbated by what many observers describe as a “sleepy” National Assembly. Despite the staggering ₦15.8 trillion earmarked for debt servicing in the 2026 budget, the legislature has largely acted as a rubber stamp, clearing multi-billion dollar loan requests with little to no scrutiny.
Simultaneously, the “do-nothing” opposition has come under fire for failing to present a unified front or offer a coherent alternative to the government’s economic policies. While individual figures like Obi and Atiku Abubakar issue periodic critiques, the broader opposition remains fragmented, leaving a vacuum in political accountability as the nation’s debt profile nears a terminal point.
As the administration prepares to deploy its latest $6 billion loan, the central question remains whether these funds will finally be used for the benefit of the public or disappear into the same void of administrative waste and unfulfilled promises.
