The presidential candidate of the Labour Party, Peter Obi, has said all monies borrowed since 2015 for the improvement of the national economy were wasted.
Obi, while analysing the country’s rising debt, said Nigeria had successfully grown the N15 trillion debt as of 2015 to N75tn presently, adding that the sharp rise in debt was as a result of borrowing for consumption, submitting that the entire money was “thrown away.”
“There’s nothing wrong in borrowing. Borrowing is legitimate and every government I’ve studied in the world borrows, even Britain as we speak owes 70 per cent of their GDP. Every government I know, lives on borrowing. “Japan is owing 230 per cent of their GDP but they invested the money to save their economy and even with that, Japan is still the largest holder of the US treasuries, so there’s something they can fall back on. So borrowing is not wrong.
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