Peter Obi, leader in the African Democratic Congress (ADC), says Nigeria will stay poor if President Bola Tinubu adminstration keeps borrowing to fund waste and corruption.
On X, Obi pointed out that Nigeria is now the World Bank’s third-biggest borrower, owing about $18.7 billion. He said borrowing itself is not bad, but what matters is how the money is used.
Obi compared Nigeria to Bangladesh, the top World Bank debtor with $23 billion. In 2015, Bangladesh had a GDP of $195 billion and an average income of $1,235. By 2025, its economy grew to $460–500 billion, and per-person income doubled to $2,700.
The key, Obi said, is that Bangladesh used loans for productive sectors like factories, energy, and education.
Nigeria, on the other hand, tells a different story. In 2015, its GDP was $490 billion and per-person income was $2,600–2,700. Today, GDP is below $250 billion, and per-person income is $850–1,000. Corruption, weak productivity, and inefficiency have made the economy shrink instead of grow.
Obi explained that borrowing should fund growth, not waste. Loans for infrastructure, industry, and skills boost the economy. Loans for consumption and corruption harm it.
He concluded: “A Nigeria where borrowed money leads to growth, not waste, is possible.”
