Peter Obi, the Labour Party’s presidential candidate in the 2023 election, has expressed concern over Nigeria’s escalating debt levels, emphasising the need for borrowed funds to be used productively to spur economic growth and development.
In a post on X on Monday, Obi highlighted that Nigeria’s government debt reached an alarming N121.86 trillion by the end of the first quarter (Q1) and warned that it could surpass N150 trillion by year-end if the current borrowing trend continues.
Obi stated, “I have consistently maintained that borrowing is not inherently problematic, as long as it is utilised for productive purposes that drive economic growth and development.”
He reiterated the importance of adherence to the legal framework governing borrowing, which requires detailed explanations of the intended use, timing, and other relevant parameters.
“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.
He called for transparency and accountability in the management of the nation’s debt, urging the government to provide a detailed breakdown of how borrowed funds have been utilised and to demonstrate their tangible impact on the country’s growth and development.
“For the sake of our children and unborn generations, transparency and good governance, a detailed breakdown of how these funds have been utilised and demonstrate their tangible impact on our country’s growth and development should be provided,” Obi said.
He concluded by urging policymakers and stakeholders to manage national debt prudently, ensuring that borrowing is directed towards productive purposes that benefit the economy and citizens, thereby promoting sustainable economic growth and prosperity for future generations.
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