Former vice-presidential candidate of Peoples’ Democratic Party (PDP), Peter Obi, says borrowing for consumption major contributors to Nigeria’s economic challenges.
Written by News Room on February 18, 2022
A former vice-presidential candidate of the Peoples’ Democratic Party (PDP), Peter Obi, says borrowing for consumption is one of the major contributors to Nigeria’s economic challenges.
Mr. Obi, in a series of tweets on Thursday, said Nigeria is spending 90 percent of its revenue in servicing debts because the funds borrowed are mismanaged.
According to Mr. Obi, who is also a former governor of Anambra State and has repeatedly criticised the Federal Government for borrowing, stressed that there was nothing wrong with borrowing, so long as it is used for investments.
While saying that many countries have built strong economies with borrowed funds, he added that Nigeria can do the same so long as visionary and committed leaders are elected to rule the country.