Peter Obi, the 2023 Labour Party (LP) presidential candidate, has called on the Nigerian government to utilise borrowed funds to create jobs and improve the country’s standard of living.
Obi expressed alarm over the government’s borrowing, which reached N121.86 trillion in the first quarter. He emphasized the need for responsible financial management, pointing out the dangers of accumulating debt without clear, productive purposes.
Posting on X, Obi stated, “I have consistently maintained that borrowing is not inherently problematic, as long as it is utilized for productive purposes that drive economic growth and development. The recent report at the end of the first quarter indicates a significant increase in our government’s borrowing, reaching a staggering N121.86 trillion. This rapid accumulation of debt is alarming, and if this borrowing trend continues at the current rate, we can expect the total to surpass N150 trillion by the end of the year.”
He stressed the importance of using borrowed funds for infrastructure development, education, healthcare, and entrepreneurship to ensure positive economic outcomes. Obi highlighted the need for transparency and accountability in the allocation of borrowed funds, urging the government to provide a detailed breakdown of their usage and tangible impact.
“In conclusion, I urge policymakers and stakeholders to exercise caution and prudence in managing our national debt, ensuring that borrowing is utilized for productive purposes that benefit our economy and citizens. By doing so, we can promote sustainable economic growth, development, and prosperity for all Nigerians for generations to come. Our future stability and prosperity depend on prudent management of resources,” Obi added.
