Former President Olusegun Obasanjo has said that President Bola Tinubu’s administration, has failed Nigerians woesfully, accusing the government of reckless borrowing, wasteful spending and complete disregard for the suffering of ordinary Nigerians.
As hardship continues to bite harder across the country, millions of citizens are battling hunger, inflation, unemployment and worsening insecurity. Yet, critics say the Federal Government keeps spending huge amounts on luxury projects while asking Nigerians to endure painful economic reforms.
Obasanjo, speaking in a viral video that has triggered heated political reactions nationwide, described the Tinubu administration as financially irresponsible. The former President compared the government’s spending style to that of “a drunken sailor,” saying the country is sinking deeper into debt with little visible improvement in the lives of citizens.
According to Obasanjo, it makes no sense for a government to constantly complain that the nation’s treasury is empty while borrowing heavily and spending lavishly at the same time.
He recalled how Nigeria’s foreign reserves and Excess Crude Account grew significantly during his time in office, questioning what the current administration has done with the nation’s resources.
The former President also warned that excessive borrowing could push Nigeria into deeper economic trouble, insisting that nations that survive on loans eventually face painful consequences.
Official figures released by Nigeria’s Debt Management Office show that the country’s total public debt stood at about N87.38 trillion when President Tinubu assumed office in June 2023.
However, by December 2025, Nigeria’s debt profile had reportedly risen sharply to about N159.28 trillion, almost doubling within a short period under the current administration.
The rising debt burden has sparked outrage among many Nigerians who believe the government is borrowing aggressively without delivering meaningful development or relief to struggling citizens.
One of the major controversies that fueled public anger was the reported approval of about N5.09 billion for a presidential yacht at a time millions of Nigerians were struggling to feed themselves.
The administration also reportedly acquired a new presidential aircraft, an Airbus A330 200, estimated to cost about N50 billion.
Many Nigerians have questioned why such huge amounts are being spent on luxury items while public hospitals remain poorly equipped, schools continue to suffer neglect and insecurity keeps spreading across different parts of the country.
Political observers believe Obasanjo’s comments reflect the growing frustration among citizens who feel abandoned by the current administration’s policies and priorities.
With the 2027 presidential election gradually approaching, opposition voices are expected to intensify pressure on the Tinubu government as economic hardship continues to dominate public discussions across the country.
For many struggling Nigerians, the issue is no longer only about government borrowing or spending. The bigger concern is whether those in power truly understand the daily suffering faced by ordinary people trying to survive in the country’s worsening economy.
