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We Are Spending 90% Of Our Revenue Servicing Debts- Peter Obi

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Peter-Obi

Former Governor of Anambra State, Peter Gregory Obi has shared is thought about the Nigerian economy and why it is in this situation.

The former vice presidential candidate took to his twitter page today to share his thought.

He said that the past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria today.

He further wrote:

“we are spending 90% of our revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not been properly invested.

If the funds borrowed were invested in critical areas of development, education, health and poverty alleviation, Nigeria would have developed far beyond what it is today.

READ ALSO: We Are Being Marginalized From Public Office, Lagosians Tell Court

There is nothing wrong with borrowing. But what we need to do is to put a law in place that if we must borrow, it must strictly be for investment in areas of growth.

Many countries have built robust economies with borrowed funds. We can do the same if only we enthrone visionary and committed leadership. -PO”

see tweet:

 

 

 

 

 

 

 

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