The presidential candidate of Labour Party (LP), Peter Obi has said he doesn’t condemn the government of a nation borrowing as long as such borrowed funds is used productively.
Obi statement is coming due to his shocking revelation of a whooping debt of N121.86trn debt accumulated by the Nigerian government yet no tangible achievement has been made.
While expressing his thoughts on his X handle on Monday, he wrote,”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.
.”If the borrowed funds are used for consumption or misallocated, we risk worsening our economic situation, perpetuating a cycle of debt and hindering our ability to achieve sustainable economic growth and development.
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“On the other hand, if the funds are channelled into productive endeavours such as infrastructure development, education, healthcare, and entrepreneurship, create jobs, and improve the standard of living of the majority of our citizens, we can expect positive outcomes that benefit our economy and citizens in the long run”.
Obi stated that the borrowed funds should be accounted for in accordance with the laws governing borrowing.
” As I recall, the law governing borrowing is explicit, requiring detailed explanations of the intended use, timing, and other relevant parameters. I respectfully request same for accountability for the massive borrowings which have burdened our nation’s future.
“For the sake of our children and unborn generations, transparency and good governance, a detailed breakdown of how these funds have been utilized and demonstrate their tangible impact on our country’s growth and development should be provided”.
Obi further emphasized the need for policy makers to be prudent especially in managing national debt for the good of the Nation.
“I urge policy makers 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 depends on prudent management of resources”, he said.
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