N16.61tn debt: I’m not opposed to borrowing – Peter Obi
Peter Obi, the presidential candidate of the Labour Party (LP), says while he is not opposed to borrowing it should be for regenerative projects only.
“We are spending more on recurrent expenses. And we are borrowing frivolously.
“I am not against loans per se; but we must stop borrowing for consumption. All loans must be invested in regenerative projects,” Obi tweeted on Thursday.
TheCornet reports that Nigeria’s current public debt stock, as of June 2022, stands at N42.84tn as of June of the same year.
According to statistics from the Debt Management Office, the proportional of external debt from the total debt stock, stands at N16.61tn ($40.06bn) .
Obi opined that Nigeria must “operate within available resources and strive for a balanced national budget as cost saving measures”.
“Ending the leakages including the subsidy regime and improving our tax regime should do the magic.”
Obi said, if elected, he would address Nigeria’s bloated governmental structure.
“Lack of political will and lack of synergy between the Executive and Legislative arms has resulted in a costly inertia in tackling our oversized government.
“The result is persisting turf fights and competition among several overlapping agencies, and the resultant wastages.
“Cost-cutting measures must start with rationalization and harmonization. Pruning the size of government will be imperative,” he said.
