Borrowing for consumption responsible for Nigeria’s economic challenges –Obi

 

Former vice-presidential candidate of the Peoples’ Democratic Party (PDP), Peter Obi, has said that mismanagement of funds as well as borrowing for consumption have been the major contributors to Nigeria’s economic challenges.

The tweets read: “Our past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria today. Today, we are spending 90 per cent of our revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not been properly invested.

“If the funds borrowed were invested in critical areas of development, education, health and poverty alleviation, Nigeria would have developed far beyond what it is today”

Obi, who is also a former governor of Anambra State, has repeatedly criticised the Federal Government for borrowing heavily. He added in the tweets:

=“There is nothing wrong with borrowing. But what we need to do is to put a law in place that if we must borrow, it must strictly be for investment in areas of growth. Many countries have built robust economies with borrowed funds. We can do the same if only we enthrone visionary and committed leadership.”