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Labor Party presidential candidate in the 2023 election, Peter Obi, lamented the Federal Government’s rampant borrowing and rising debt profile.
In a series of tweets on his X account, the former Anambra State governor warned that the rising debt profile would be a burden on future generations in Nigeria.
It is said that although borrowing itself is not a bad thing for the government to do, not utilizing it in the right direction to boost the economy is a loss.
He stressed that the several trillion naira borrowed by the Federal Government in just three months highlights the urgent need for prudent management of our finances.”
He wrote: “I have consistently argued that borrowing is not inherently problematic, as long as it is used for productive purposes that promote economic growth and development.
“The fact that several trillions were borrowed in just three months highlights the urgent need for prudent management of our finances.
“It is important to recognize that the purpose of borrowing is paramount. If borrowed funds are used for consumption or misallocated, we risk worsening our economic situation, perpetuating the debt cycle, and hampering our ability to achieve sustainable economic growth and development.
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“On the contrary, if these funds are channeled into productive endeavors such as infrastructure development, education, health care, and entrepreneurship, we can expect positive outcomes that will benefit our economy and citizens in the long run.
“As far as I can remember, the law governing lending is explicit, requiring detailed explanations of the purpose of use, time and other relevant parameters.
“It is critical to ensure that loan funds are allocated efficiently and effectively to drive economic growth, create jobs and improve the living standards of the majority of our citizens.
“I respectfully ask for accountability for the massive borrowing that has burdened our nation’s future.
“For the sake of our children and the generations yet to come, transparency and good governance, detailed accounts of how these funds have been used and showing their concrete impact on the growth of our country and what has weighed on the future of our nation must be provided.
“In closing, I urge policymakers and stakeholders to be prudent and wise in managing the national debt, ensuring that the loans are used for productive purposes that benefit our economy and citizens.
“By doing this, we can drive sustainable economic growth, development and prosperity for all Nigerians for generations to come.
“Our future stability and prosperity depend on the wise management of our resources.”
In doing so, we can drive sustainable economic growth, development and prosperity for all Nigerians for generations to come. Our future stability and prosperity depend on the wise management of our resources. -PO
—Peter Obi (@PeterObi) July 1, 2024
Obi laments Nigerian government piling debt for future generations first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.
