The 2023 Labour Party presidential candidate, Peter Obi, has once again raised alarm over Nigeria’s growing debt profile, accusing political leaders of reckless borrowing that delivers no tangible benefits to citizens.
In a strongly worded statement on Tuesday, the former Anambra State Governor lamented that trillions borrowed by successive governments have failed to address critical sectors such as healthcare, education, infrastructure, and job creation. Instead, he argued, poverty has deepened, unemployment worsened, and millions of Nigerians are left in despair.
Obi stressed that while government borrowing is not inherently wrong, loans must be tied to productive ventures that generate measurable returns. He criticized Nigeria’s model, noting that borrowed funds are often wasted without accountability.
“Let me reiterate what I have consistently maintained: Nigeria cannot continue on this reckless path of borrowing without productivity. Borrowing, if not directed towards the critical areas of development, health, education, and pulling our people out of poverty, will only worsen economic decline,” Obi said.
He further questioned the absence of results from past loans:
“We take loans for power, yet darkness persists; we borrow for infrastructure, yet roads remain impassable; we borrow for health, yet hospitals lack basic equipment. Where are these borrowings going?”
Drawing comparisons, Obi pointed out that countries like Indonesia, Vietnam, Egypt, and Bangladesh—which borrowed at similar levels—recorded visible improvements in development, unlike Nigeria where the reverse is the case.
According to Naija News, Obi also criticized the Tinubu-led administration for attempting to secure another $1.75 billion World Bank loan despite announcing that Nigeria had already met its 2025 revenue target since August.
He warned that reckless fiscal policies could mortgage the future of unborn generations.
“In recent years, we have spent over 70% of government revenue servicing debt, leaving almost nothing for investment in health, education, job creation, and poverty alleviation. This fiscal indiscipline must end,” Obi declared.
He urged the federal government to adopt fiscal responsibility by tying borrowing strictly to productive investments, insisting that Nigeria must act urgently before its children inherit “nothing but debt and despair with no sustainable future.”
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