The presidential candidate of the Labour Party, Mr. Peter Obi has the advised the federal and state government to stop borrowing for consumption.
Obi gave the advise in series of tweets on Wednesday via his verified Twitter handle.
He said that Nigeria should “only borrow to invest in regenerative development projects and other productive ventures.”
He wrote. “As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in regenerative development projects and other productive ventures.
“It’s ironical that States that received fiscal bailouts did not invest them properly; did not repay the loans and are still borrowing beyond their revenue earnings.
Also, it has become imperative to restrict Federal borrowings to the statutory 5% of the previous year’s revenue.
As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in regenerative development projects and other productive ventures.
— Peter Obi (@PeterObi) August 10, 2022
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
