The presidential candidate of Nigeria’s Labour Party, Peter Obi has called on Nigeria’s leadership led by President Muhammadu Buhari to desist from boroiwng for things which do not regenerate value.
The former Governor of Ansambra State cautioned “As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in regenerative development projects and other productive ventures.”
Obi noted in the tweet also read by USAfrica magazine and USAfricaonline.com that: “It’s ironical that States that received fiscal bailouts did not invest them properly; did not repay the loans and are still borrowing beyond their revenue earnings. Also, it has become imperative to restrict Federal borrowings to the statutory 5% of the previous year’s revenue.”
A major area of interest for Obi’s campaign is revamping and optimizing the economy of Nigeria, if he wins the February 2023 election. By Chido Nwangwu @Chido247
