Former Governor of Anambra State, Peter Obi has spoken about the economic situation of the country and said Nigeria’s problems lie in how they mismanaged the borrowed funds.
In a series of tweets on Twitter, the former Vice Presidential candidate said that such borrowings has led to challenges for the country
“Our past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria today.
Today, we are spending 90% of our revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not been properly invested.”
Obi, who recently declared his intention to become Nigeria’s President in 2023 says Nigeria needs to invest borrowed funds in critical areas of development
“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.
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.”