Continued Borrowing and Mismanagement of Borrowed Funds, will Serve Monumental Economic Challenges in Nigeria — Peter Obi

Mr Peter Obi

For governor of Anambra state governor, Mr Peter Obi, has raise alarm over the continuous borrowing and mismanagement of borrowed funds by the government of Nigeria especially in this Buhari Administration. 

CONTINUE READING BELOW

 

The 2019 PDP presidential candidate made this call via series of tweet he made on his verified twitter handle on Thursday morning, stressing that Nigeria now uses 90 percent of its revenue to service loans because the ones borrowed in the past were mismanaged.

 

 

The tweets reads;

 

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.

 

--Advertisements--
--CONTINUE READING BELOW--

 

 

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.

 

 

--Advertisements--

--Advertisements--
Share on:

Leave a Reply

Your email address will not be published.