Peter Obi to Nigerian govt: Create jobs, improve living standards with loans

by pilmerry3309107

The 2023 Labour Party, LP, Presidential Candidate, Peter Obi
has urged the Nigerian Government to use borrowed funds to create jobs and
improve the standard of living in the country.

Obi noted that it was alarming that government borrowing
reached a staggering N121.86 in the first quarter.

He disclosed that the fact that several trillion were
borrowed in just three months highlights the urgent need for prudent management
of the country’s finances.

Posting on X, Obi 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.

“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.

“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.

“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.

“On the other hand, if the funds are channelled into
productive endeavours such as infrastructure development, education,
healthcare, and entrepreneurship, we can expect positive outcomes that benefit
our economy and citizens in the long run. As I recall, the law governing
borrowing is explicit, requiring detailed explanations of the intended use,
timing, and other relevant parameters.

“It is essential to ensure that borrowed funds are allocated
efficiently and effectively to drive economic growth, create jobs, and improve
the standard of living of the majority of our citizens. I respectfully request
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. In conclusion, I urge policymakers 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 depend on prudent management of resources. -P0”

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