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Former Anambra governor, Peter Obi, criticized the government led by President Bola Tinubu for its unchecked borrowing practices and lack of transparency in loan utilization. In a series of statements on a prominent platform, Obi voiced his concerns regarding the detrimental impact of Nigeria’s escalating debt on the economy.
Obi expressed dismay at the continuous accumulation of debts without tangible evidence of how the funds were being utilized, as required by law. He stressed the urgency of addressing this issue, stating, “I am deeply troubled by the relentless borrowing spree that has plagued our economy, with no apparent investment to show for it.”
Highlighting the alarming figures, Obi pointed out that Nigeria’s debt reached a staggering N87.9 trillion by the end of the second quarter of 2023. He lamented the lack of accountability for the over N23 trillion borrowed by the previous administration, questioning the absence of visible benefits to the nation.
Moreover, Obi revealed that between the third and fourth quarters of 2023, an additional N10 trillion was added to the nation’s debt burden, bringing the total to N97.3 trillion. He expressed grave concern over this unprecedented surge in borrowing without corresponding evidence of productive utilization.
Obi underscored the dire consequences of servicing unproductive debts, noting that approximately N10 trillion was spent on debt servicing in 2023 alone. He emphasized that this amount surpassed the combined budget allocations for crucial sectors such as defense, education, health, and infrastructure.
In light of these developments, Obi appealed to the current government to exercise restraint in borrowing and prioritize accountability and prudent management of resources. He urged a thorough evaluation of past borrowing practices to inform better decision-making for the nation’s future prosperity.
Looking ahead, Obi envisioned a “New Nigeria” characterized by transparent and efficient resource management, shifting the focus from consumption to production to drive sustainable development.
