Peter Obi Demands Clarity on $500m Airport Loan as FG Approves N712bn for Lagos Terminal Renovation

ABUJA – Former presidential candidate and Labour Party (LP) flagbearer in the 2023 general elections, Peter Obi, has raised serious questions over Nigeria’s infrastructural spending priorities, querying the status of a $500 million loan allegedly secured by the Federal Government in 2013 for the upgrade of five major international airports.

Obi, in a detailed thread shared via his verified X (formerly Twitter) account on Wednesday, criticized the recent announcement by the Minister of Aviation and Aerospace Management, Festus Keyamo, that the administration of President Bola Ahmed Tinubu is set to spend N712 billion on the renovation of the Murtala Muhammed International Airport in Lagos alone.

His statements have triggered renewed public discourse on accountability, national priorities, and the seeming disconnect between infrastructural investments and the nation’s current socio-economic realities.

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Obi: Massive Spending Amid Starvation “Profoundly Troubling”

Peter Obi questioned the rationale behind the fresh N712 billion injection into the Lagos airport, especially considering that the airport was among the five earmarked for comprehensive upgrades under the China Exim Bank $500 million loan in 2013. The other airports included Abuja, Kano, Port Harcourt, and Enugu.

“If that massive investment was made barely a decade ago, what justifies an even larger sum today for just one airport – especially at a time when Nigerians are starving, internally displaced, and desperate?” Obi asked.

Citing recent figures from the United Nations indicating that over 34 million Nigerians are currently at risk of hunger, Obi slammed the government’s priorities. “It is profoundly troubling that at a time when millions of Nigerians are facing the crushing burden of hunger, the Federal Government has chosen to approve a staggering N712.3 billion—not to feed its people, not to lift them out of hardship, and not to invest in their well-being, but to renovate an airport,” he wrote.

 Transparency on China Exim Bank Loan

Obi urged the Federal Government to provide an update on the $500 million facility acquired from the China Exim Bank, along with the counterpart funding it reportedly received. He stressed the need for accountability, questioning what became of the project outcomes that warranted another massive budget for a similar renovation.

The former Anambra State governor noted that public funds must be treated with the highest level of responsibility and transparency. “Let us not forget: in 2013, Nigeria secured a $500 million loan… to upgrade five international airports. Where is that investment today?” he asked.

According to Obi, the Lagos terminal was among the key beneficiaries of that upgrade programme, and as such, another large-scale budget—especially one exceeding N700 billion—raises red flags that must not be ignored.

Human Development Must Take Precedence

Obi went further to challenge the broader philosophy behind the government’s development agenda. He argued that while infrastructure such as roads and airports are important, they must never come at the cost of citizens’ basic welfare.

“A government that builds grandiose infrastructure while its people starve is not building a nation – it is betraying one,” he declared.

He emphasized that the essence of governance must be rooted in human development, beginning with the fundamental pillars of food security, health, education, and safety. “Development is about choices. National progress begins with the basics—not with vanity projects,” Obi added.

Public Outcry and Mixed Reactions

The Labour Party stalwart’s statement has drawn strong support from civil society groups, economic analysts, and ordinary citizens on social media who share concerns over the ballooning cost of government projects amidst widespread poverty and unemployment.

Ismail Aniemu, a public policy commentator, echoed Obi’s sentiments, calling for a comprehensive audit of past infrastructural loans. “The people deserve to know where these funds went. We can’t keep borrowing for projects that vanish in less than a decade,” he said.

Others, however, argued that modern airports are critical to driving economic growth, tourism, and foreign investment, and thus merit attention. Still, the issue for many remains the scale and timing of the expenditure, given the country’s worsening hunger crisis.

 Shift in National Budgeting Priorities

Obi’s remarks come amid broader dissatisfaction with how the government allocates funds. With inflation at record highs, the cost of living soaring, and access to healthcare and education diminishing for many, public calls are growing louder for a reorientation of fiscal policies toward people-centered development.

“The time has come to rethink our priorities and put Nigerians first in every policy, every budget, and every decision,” Obi declared, stressing that national budgets must address the most urgent needs of the people, particularly in a time of widespread economic hardship.

As the Federal Government moves ahead with its plans for the Lagos airport, the questions raised by Peter Obi may fuel further scrutiny, not only of this project but of how national resources are being managed across board.