Immediate-past Governor of Anambra State, Peter Obi, has revealed Nigeria’s major economic problem and states that if the country manages to avoid it, things might transform for the better.
He said that borrowing s one of our main challenges destabilising the nation’s economy, adding that if we continue to borrow for consumption, the country will sink deeper into a financial crisis.
The former Governor mentioned this point on Thursday via his official Twitter handle, stressing that the country can borrow funds but should be used wisely for investment.
According to the Presidential hopeful, the mismanagement of borrowed funds has cost the country so much, hence the government should enforce a law to regulate borrowing.
Peter Obi Drops economic Advice
He argued that there is nothing wrong with borrowing that those in charge of Nigeria’s financial institutions and economic sector need to put a law in place that would guarantee that the fund must strictly be for investment in areas of growth.
Peter Obi buttressed that today, the country is spending 90% of its revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not gone through proper investment.