Former Governor of Anambra State, Peter Obi speak on the major cause of Economic Challange in Nigeria today.
Speaking via tweet, Obi blame Economic Challange facing Nigeria today as results of continue borrowing for consumption.
He said:
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.
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. -PO
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