Labor Party, Presidential Flagbearer, Peter Obi has called on Nigerian government to stop borrowing money for consumption.
Obi who made the call via his social media handle on the 10th of August 2022, advise government to borrow only for investment.
He also stress that fiscal bailout loan collected by the are not properly put to use.
He Said:
As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in regenerative development projects and other productive ventures.
It’s ironical that States that received fiscal bailouts did not invest them properly; did not repay the loans and are still borrowing beyond their revenue earnings.Also, it has become imperative to restrict Federal borrowings to the statutory 5% of the previous year’s revenue.
PeterObi 🇳🇬
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