Peter Obi, the Labour Party’s (LP) presidential candidate, has expressed regret about how quickly Nigeria’s debt has grown, reaching N121.86 trillion in just the first half of 2024.
On Monday, Obi announced this on his X handle. Obi emphasised that it is concerning how quickly Nigeria is accruing debt.
According to a recent study released at the conclusion of the first quarter, our government’s borrowing has increased significantly, reaching an astounding N121.86 trillion, the author said.
Obi emphasised that if Nigeria’s debt is accruing at this rate, it’s feasible that it will reach N150 trillion by the end of the year.
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“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.
Obi went on to say that in order to reduce the possibility of misdirecting borrowed cash to unrelated problems, the goal of borrowing should be determined and followed methodically.
” The fact that several trillions was borrowed in just three months highlights the urgent need for prudent management of our finances.
” It is crucial to recognize that the purpose of borrowing is paramount. 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”, he said.
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