90% of Nigeria’s revenue goes for debt servicing ― Peter Obi

The former governor of Anambra State, Peter Obi, has said that the mismanagement of funds by Nigerian leaders has been contributing to economic challenges bewildering the country.

Obi stated that the borrowed funds were not invested in critical areas of development, education, health, and poverty alleviation.

The former governor made this known in a string of tweets on his verified Twitter handle in the early hours of Thursday.

He wrote: “Our past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria today.

“Today, we are spending 90% of our revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not been properly invested.

“If the funds borrowed were invested in critical areas of development, education, health, and poverty alleviation, Nigeria would have developed far beyond what it is today.

“There is nothing wrong with borrowing. But what we need to do is to put a law in place that if we must borrow, it must strictly be for investment in areas of growth.

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“Many countries have built robust economies with borrowed funds. We can do the same if only we enthrone visionary and committed leadership,” the former governor stated.

Obi, the running mate of former Vice-President Atiku Abubakar in the 2019 presidential election, had declared his intention to vie for the PDP presidential ticket, noting that he would run for the post of Nigeria’s President in 2023 if his party zones its ticket to the Southern region of the country.

“I will step into the field to contest for the opportunity to serve this great country as President if my party, PDP, zones the ticket to the south. But if it is thrown open, Nigerians will also hear from me,” he had said.

TheStar