Peter Obi, former governor of Anambra state, expresses concern over the N10 trillion spent by the federal government on 'unproductive' debts. He highlights the implications of this excessive debt servicing and compares it to the budgetary allocation for key sectors.
Peter Obi , former governor of Anambra state, says N10 trillion is spent by the federal government on 'unproductive' debts. Obi, the presidential candidate of Labour Party (LP) in the 2023 election, expressed his concern in a post on his X page on Tuesday. 'Last year, 2023, our total debt servicing for domestic debts stood at N4.4 trillion and that of external debt servicing was $3.5 billion, which is about N4.9 trillion.
In effect, approximately N10 trillion is now spent on servicing unproductive debts,' he said. According to Obi, the implication is what the country borrowed in a quarter is 'about N10 trillion and what we spend on debt service, is also about N10 trillion'. He said each of the figures is more than the combined budgetary allocation for the 'four highest priority areas', defence (N3.25 trillion), education (N2.18 trillion), health (N1.33 trillion), and infrastructure (N1.32 trillion). Nigeria's total public debt rose to N9
Peter Obi Anambra State N10 Trillion Federal Government Unproductive Debts Debt Servicing Budgetary Allocation Nigerian Government
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