Peter Obi, the Labour Party’s (LP) presidential candidate, has stated that he is not against a government borrowing money as long as it is done so in a way that benefits the country.
Obi’s surprising discovery that the Nigerian government has amassed a staggering N121.86 trillion debt, despite the fact that no real progress has been made, is the reason behind his statement.
While expressing his thoughts on his X handle on Monday, he 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.
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.”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, create jobs, and improve the standard of living of the majority of our citizens, we can expect positive outcomes that benefit our economy and citizens in the long run”.
According to Obi, the borrowed money needs to be reported in compliance with the borrowing regulations.
” As I recall, the law governing borrowing is explicit, requiring detailed explanations of the intended use, timing, and other relevant parameters. I respectfully request same for accountability for the massive borrowings which have burdened our nation’s future.
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“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”.
Obi also underlined how important it is for decision-makers to exercise caution, particularly when handling the national debt for the benefit of the country.
“I urge policy makers 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 depends on prudent management of resources”, he said.
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