The presidential candidate of Labour Party (LP), Peter Obi has lamentd the rate at which Nigeria debt has escalated to the sum of N121.86trn in just half of year 2024.
Obi made this known on his X handle on Monday. Obi stressed that the rate at which Nigeria is accumulating debts is quite alarming.
He wrote, “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”.
Obi stressed that if Nigeria continues accumulating debt at this rate that it is possible that by the end of the year, the debt will have increased to N150trn.
READ MORE: Nigeria’s Economy Going Through Turbulence – Shettima
“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.
Obi added that the purpose of borrowing should be identified and followed systematically to avoid the risk of mis-allocating such funds to trival issues.
” The fact that several trillions was borrowed in just three months highlights the urgent need for prudent management of our finances.
” It is crucial to recognize that the purpose of borrowing is paramount. 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”, he said.
Follow Parallel Facts on WhatsApp Channel: https://whatsapp.com/channel/0029VaCQSAoHgZWiDjR3Kn2E
