Peter Obi, the Presidential candidate of the Labour Party (LP) in the 2023 general election, has strongly criticized Nigeria’s escalating debt burden.
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Expressing concern over the current debt figure of N97.3 trillion, Obi emphasized its unsustainability for a striving economy.
In a series of tweets on his verified X handle, Obi advised President Bola Tinubu’s administration to halt borrowing and assess the outcomes of previous loans.
He highlighted the alarming fact that much of the debt is not used for productive purposes, with nearly N10 trillion servicing unproductive debts.
Obi raised red flags about the lack of visible investments corresponding to the massive borrowing, urging a re-evaluation of past loans’ impacts.
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Photo via Daily Post Nigeria
He lamented the addition of N10 trillion to the debt profile between the third and fourth quarters of 2023, without apparent beneficial utilization.
The former Anambra state Governor stressed the disproportionate allocation of funds to debt servicing compared to critical sectors like defence, education, health, and infrastructure.
He appealed for a slowdown in borrowing and called for prudent management of resources to transition Nigeria from consumption to production.
Obi’s remarks underscored the urgent need for responsible fiscal policies to ensure sustainable economic growth and development in Nigeria.
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