The presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi, has criticised President Bola Tinubu’s economic policies, claiming the Federal Government spends about 11 times more on debt interest than on capital projects.
Obi made the claim in a statement posted on X while reacting to a World Bank report on Nigeria’s economic performance.
He cited figures showing that the Federal Government spent N7.7 trillion on debt interest between January and June 2026, compared with revenue of N6.2 trillion during the same period.
Obi wrote, “In comparison, the APC-led Federal Government spends about 11 times more on interest payment than on capital projects.”
“How do you explain the unsustainable debt crisis even with exponential increase in revenue that we have had since 2023?” he asked.
He also claimed that spending on capital projects fell by about N700 billion in the first half of the year, despite increases in government revenue and borrowing.
Obi blamed what he described as reckless borrowing, corruption and incompetence for the situation, arguing that improved economic indicators did not necessarily mean Nigerians were living better.
“What comfort does higher revenue offer a mother who cannot provide her children with a nutritious meal?” he asked.
The former Anambra State governor said economic reforms should be judged by their impact on poverty, employment and the ability of citizens to afford food, healthcare and education.
He urged the Federal Government to review its policies and prioritise job creation, poverty reduction and the welfare of vulnerable Nigerians.
Tinubu spends 11 times more on debt servicing than projects — Peter Obi