Nigeria Must Stop Borrowing for Consumption – Peter Obi

The Labour Party presidential candidate, Peter Obi, has advised the federal and state governments to stop borrowing for the purpose of consumption.

Obi, in a series of tweets shared on Monday, stated that borrowing should only be used to finance “productive ventures.”

The former Anambra State Governor also condemned states that received fiscal bailouts but failed to “properly” invest the funds.

“As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in regenerative development projects and other productive ventures,” he tweeted.

Obi added, “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. – PO.”