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Peter Obi Warns on Nigeria’s Debt Crisis

Peter Obi Warns on Nigeria’s Debt Crisis

Peter Obi has raised alarm over Nigeria’s increasing debt burden, expressing particular concern over the utilization of nearly N10 trillion to service what he labeled as unproductive debts. The former Anambra State Governor, who contested as the Labour Party’s presidential candidate in the 2023 elections, highlighted the nation’s total debt of N97.3 trillion as alarming and worrying, especially considering that a significant portion of these debts were not invested in productive ventures.

Peter Obi Warns on Nigeria's Debt Crisis

Obi emphasized the danger of servicing debts without tangible returns, citing the addition of about N10 trillion to Nigeria’s debt profile between the third and fourth quarters of 2023. He questioned the lack of visible utilization of these funds, particularly criticizing the borrowing trend without corresponding investments that would benefit the nation’s economy.

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Drawing attention to the disproportionate allocation of resources towards debt servicing, Obi pointed out that the combined expenditure on debt servicing exceeded the budgetary allocation for critical sectors such as defense, education, health, and infrastructure. He urged the government to reassess its borrowing practices, emphasizing the need for prudent management of resources to transition Nigeria from a consumption-driven economy to one focused on production.

Peter Obi Warns on Nigeria’s Debt Crisis

In conclusion, Obi appealed for a slowdown in borrowing, advocating for a comprehensive evaluation of previous loans’ impact to inform future decisions. He envisioned a New Nigeria where resources are effectively managed and channeled towards productive endeavors to foster sustainable economic growth and development.

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