The presidential candidate for the Labour Party in last year’s general elections, Peter Obi has described the Nigerian government borrowings as unproductive.
Obi stated this in a statement via his verified X handle today.
According to him, Nigeria’s public debt keeps increasing with little or no impact on the country’s economy.
The former Anambra state governor said the last administration incurred huge debt especially with the N30 trillion ways and means from the central bank.
He said the last administration could have ended the nation’s borrowings, adding that the debt failed to yield value addition to the country.
Obi’s reaction comes against the backdrop of the country’s debt profile released by the Debt Management Office (DMO) last week.
According to the DMO, Nigeria’s public debt increased by 10 percent hitting N97.3 trillion by the end of 2023.
