Peter Obi has sharply criticised Bola Tinubu over his defence of government borrowing, warning that loans used to fund consumption rather than investment could have severe long-term consequences for Nigeria’s economy.
In a strongly worded response, Obi argued that borrowing to finance non-productive spending goes beyond being merely harmful, describing it as “not only leprosy — it’s cancer,” in a pointed metaphor aimed at highlighting the potential damage to the country’s financial health.
The former presidential candidate stressed that while borrowing in itself is not inherently problematic, it must be tied to productive ventures capable of generating returns and driving economic growth. According to him, using loans to sustain consumption risks deepening fiscal vulnerabilities and placing an undue burden on future generations.
His remarks come after President Tinubu defended the government’s borrowing strategy, maintaining that it is necessary to address immediate economic challenges. However, Obi countered that such an approach, if not carefully managed, could undermine long-term stability.
The exchange underscores growing debate in Nigeria over fiscal policy and debt sustainability, as the government navigates economic pressures while seeking to maintain growth and public confidence.
