Former Anambra State governor Peter Obi says Nigerians should be concerned about the country’s plan to spend about 11.6 billion dollars on debt servicing in 2026.
In a statement posted on his official X account on Monday, Obi said borrowing is not wrong when it is used for productive investment, but argued that Nigeria’s current debt profile shows a different reality. He said a large portion of past borrowing has been directed towards consumption, with limited developmental impact.
Obi also said Nigeria’s recent external borrowing includes about 6 billion dollars from First Abu Dhabi Bank and UK Export Finance, with additional loans under consideration from the World Bank and Deutsche Bank. He added that debt servicing now appears to be significantly higher than combined spending on health, education and poverty alleviation.
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He said the imbalance reflects a fiscal challenge in which debt obligations are crowding out key investments in human capital and development. The reaction follows President Bola Tinubu’s disclosure at the Africa Forward Summit in Nairobi that Nigeria is projected to spend about 11.6 billion dollars on debt servicing in 2026.
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