Peter Obi Raises Concerns Over Nigeria’s Soaring Debt

Oluwasegun SanusiApril 2, 20241 Mins read258

In a statement posted on X, Labour Party presidential candidate Peter Obi expressed deep apprehension over Nigeria’s escalating debt trajectory and urged a reevaluation of the nation’s borrowing practices.

Highlighting the figures, Obi emphasised the urgent need for transparency and prudent management of resources for the country’s development.

Obi expressed grave concern over the lack of visible investments corresponding to the ballooning debt, citing the startling statistic that Nigeria’s debt had surged to a daunting N97.3 trillion by the end of 2023, a substantial increase from N87.9 trillion in the preceding quarter.

Notably, he underscored the absence of tangible benefits from the staggering N23 trillion borrowed during the Buhari administration.

Drawing attention to the alarming implications, Obi revealed that approximately N10 trillion was now allocated to servicing unproductive debts annually.

He noted that this revelation exceeded the combined budgetary allocations for critical sectors such as defence, education, health, and infrastructure.

“The current trajectory of borrowing presents a grave concern for our nation’s economic stability,” Obi asserted.

“More worrisome is the fact that there has been no corresponding visible usage or investments as required by the law, to show their impact on the nation’s development.”

Obi’s impassioned plea to the government called for a deceleration in borrowing, emphasising the imperative of reassessing the outcomes of previous loans and making informed decisions for Nigeria’s welfare.

He concluded by noting that a new Nigeria is one in which resources are managed prudently, driving the nation towards productivity and away from overreliance on consumption.

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