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 X 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.
