Buhari mortgaging Nigeria’s future through reckless borrowing – Peter Obi

Mr. Peter Obi, the former Anambra state Governor has accused Muhammadu Buhari of mortgaging Nigeria’s future through reckless borrowing with nothing to show for it.

Obi in a statement on Wednesday said the country death profile is going high and warned, that portends a huge danger for the country.

Obi however said there is nothing bad in borrowing, but, doing that without any convincing plan as seen under Buhari administration is dangerous for the county.

“Everybody knows my stand on borrowing. I am against reckless borrowing and borrowing for consumption. If you must borrow, you must be able to convincingly prove to us the business case of the borrowing, otherwise you are mortgaging the future.

“All the funds that have been borrowed have not impacted positively on the growth of  the  economy, meaning that they were reckless and meant for consumption. Even using  Kenya and  Ghana, for example, both are borrowing like us, but see the difference,

“In 2010 Ghana’s GDP  (gross domestic product ) was $32bn, with a per capita of $1320. By  2019  the  GDP had grown to $64.5bn, with a per capita of $2,200. Kenya in 2010 had GDP of $42bn, a per capita of $912. In 2019 it was $87bn with a  per capita of $1700, while Nigeria had a per capita of $2,320 in 2010 and  in 2919 with all the borrowing it was $1,920.”

Total Page Visits: 498 - Today Page Visits: 1

Leave a Reply

Your email address will not be published. Required fields are marked *