Obi Challenges Tinubu to Account for ₦15.8tn Subsidy Savings, Over $100bn Borrowings
Former Anambra State Governor and 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has challenged President Bola Tinubu to account for the estimated ₦15.8 trillion generated from fuel subsidy removal, alongside over $100 billion in borrowings and increased government revenues.
Obi made the demand in an open letter titled, ‘Good Day, Mr President: Nigerians Deserve Accountability’, published on Saturday, November 7, 2026, following Tinubu’s visit to Akwa Ibom State.
Congratulating the President on spending a night in a Nigerian state outside Lagos and Abuja, Obi urged him to extend his visits to the remaining 33 states and engage directly with citizens on his administration’s performance.
He, however, questioned how the resources available to the Federal Government since Tinubu assumed office in May 2023 had translated into improvements in the lives of Nigerians.
Obi specifically asked the President to explain what had been achieved with the money generated from subsidy removal, foreign borrowings, increased taxation and additional government revenues.
He also demanded figures showing how many Nigerians had been lifted out of poverty, the number of out-of-school children returned to classrooms and the number of functional primary healthcare centres established by the administration.
On electricity, the NDC presidential candidate questioned the extent of improvement in power supply, recalling Tinubu’s earlier promise that Nigerians should not vote for him if he failed to fix the country’s electricity challenges.
He also called for an explanation of the administration’s efforts to address insecurity, arguing that Nigeria continued to face serious terrorism and security threats.
“Nigerians deserve answers. They deserve to know what has been done with the resources entrusted to your government,” Obi said.
The former Anambra governor maintained that public resources should translate into measurable improvements in citizens’ welfare rather than remain figures in government revenue and expenditure announcements.
He further argued that accountability, transparency and demonstrable results should form the foundation of the Nigeria he hopes to build.
However, the Federal Ministry of Finance, in an August 2026 briefing on the government’s economic reforms, clarified that the estimated ₦15.8 trillion in subsidy savings was distributed across the Federal Government, state governments and local governments.
According to the ministry, the Federal Government received approximately ₦5.43 trillion, while states received ₦6.52 trillion and local governments received ₦3.88 trillion.
The ministry also explained that the Federal Government’s additional resources included ₦3.12 trillion in other incremental revenues and ₦11.85 trillion in incremental borrowing, bringing the total to approximately ₦20.4 trillion.
It said additional expenditure pressures during the period amounted to approximately ₦30.64 trillion, covering wage adjustments, external debt servicing, infrastructure, electricity support and other obligations.
The clarification provides additional context to the financial questions raised by Obi, particularly regarding the distribution and utilisation of subsidy-related resources.
Obi concluded his message by insisting that Nigerians deserved transparency and evidence of the impact of public funds on their daily lives.
“A new Nigeria is POssible,” he wrote.
