The former presidential candidate for the Labour Party, Peter Obi has described the Nigerian government borrowings as unproductive.

Obi stated this in a statement via his verified social media handle on Tuesday.

According to him, Nigeria’s public debt keeps increasing with little or no impact on the country’s economy.

The former Anambra governor said the last administration incurred huge debt especially with the N30 trillion ways and means from the central bank.

He said the last administration could have ended the nation’s borrowings, adding that the debt failed to yield value addition to the country.

Obi said, “I remain concerned about our borrowings, considering their galloping situation over the years, and its concomitant effects on the economy.

“More worrisome is the fact that there has been no corresponding visible usage or investments as required by the law, to show their impact on the nation.”

Obi’s reaction comes against the backdrop of the country’s debt profile released by the Debt Management Office (DMO) last week.

According to the DMO, Nigeria’s public debt increased by 10 percent hitting N97.3 trillion by the end of 2023.

The Office noted that the N97.3 trillion public debt comprises domestic debt of N59.12 trillion and external debt of N38.22 trillion.

Meanwhile, Obi noted that in 2023, Nigeria spent huge amounts totaling N10 trillion in servicing both domestic and external debt which he described as “unproductive debts”.

“The implication is that what we borrowed in a quarter about N10 trillion and what we spend on debt servicing, which is also about N10 trillion, are each more than the combined budgetary allocation for the four highest priority areas, which are; defence (N3.25trn), Education (N2.18trn), Health (1.33trn), and Infrastructure (N1.32trn),” he said.

Obi said the government should “de-accelerate” its borrowings while an assessment of what the previous loans have been used for should be looked into to stem the tide of increasing debt profile.

Nbote:


Stop reasoning like the last syllables of your name which is anus

helinues:


Could you point out to what's wrong with my comments.

Tell NL's cos I no dey understand why you guys only come online to attack others for no reason. Same thing you did this morning

chuksikem:
What exactly is peter obi doing in Anambra state?

Am confused to say the least, please someone should tell me because the anambra i visited has degenerated so much,

MrGlobe:
Nothing exactly my brother. I posted a thread earlier comparing him with Theodore orji of Abia state and everybody agreed he is worse. I went to Awka the capital and it was an eyesore. No roads, no planning, no infrastructure etc. There is absolutely no govt in anambra state.

chuksikem:
Was in awka some days back ,its really shameful, my heart bleeds for my state, from amansea to awka is still the same, pothole riddled roads,non-functioning street lights,refuse littering the entire state capital from arroma junction down to Ziks avenue, ,arthur eze,unizik junction,court road,udoka housing estate etc are still the same, no changes at all, the state capital still looks like a glorified village,

Civil servants and pensioners are been owed [b]3MONTHS [/b]salary, so many abandoned projects yet the woman sounding governor is always in abuja 24/7.

Please peter obi's handlers on nl should please enlighten us,

A state that has the highest number of successful human beings in the entire black nation, it hurts,

Wish soludo had won ,

ifyalways:
Peter Obi can best be described as a curse and bad omen to Anambarians.

When would his tenure evem expire?Oh jees,what a wicked,visionless man.

SamMilla1:
Coincidentally, i asked myself the same question while driving back from Enugu to Onitsha this afternoon, 'what exactly is peter obi doing in anambra state'. I always divert at abba junction on my way from enugu and drove through a smooth single lane road constructed by ngige all the way nkpor and then down to obosi and awada where i stay. All the good roads in the whole state were constructed by ngige before they court-pulled him down and installed a greedy business man. Now his grand beer and malt are booming. While his state is deoriating.

Ikaeniyan0:
Peter Obi left Anambra worst than he met it

SmartPolician:


It's worse not worst. What kind of school did you people attend in your village?

If I were you, I would spend more time reading my books than defending a man who has mortgaged your future.

Ikaeniyan0:
see this rubbish. My life is more better than yours, you should be worried about your useless life

SmartPolician:


Don't they ask you people to take reasoning and grammar tests before you were recruited to work for the ruling party?

opamoses1:
I hope Otti is listening. He has mortgaged the future of Abia state.

Ikaeniyan0:
It's recruit not recruited. What kind of school did you people attend in your village?

You should be more worried about your useless life bro