Confusion as Peter Obi Speaks on What Nigeria Can Do With Borrowed Funds
- Peter Obi has said that he is not totally against the taking of loans or borrowing funds from other countries and international agencies by Nigeria
- The Labour Party's presidential candidate said that his concern is when the funds borrowed are not directed into the right channels that would bring growth or productivity
- According to Obi, there is a need for Nigeria as a nation to cut down the cost of governance and invest more in regenerative projects that will benefit the people
The presidential candidate of the Labour Party, Peter Obi, has outlined the only reason why a nation should be found borrowing money.
In a series of tweets made from the excerpts of his appearance at the Lagos Business School on Tuesday, November 15, Obi said he is not against borrowing as widely claimed.
He added that as a fiscal consolidation, Nigeria must stop borrowing to fund her consumption lifestyle.
The former Anambra state governor noted that loans borrowed by nations must be invested in regenerative projects.
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"I am not against loans per se; but as part of our fiscal consolidation, we must stop borrowing for consumption.
"All loans must be invested in regenerative projects. We must operate within available resources and strive for a balanced national budget as cost-saving measures.
"We shall pursue a drastic reduction in the cost of governance and corruption by following due process. -PO."
Top APC chieftain speaks on how Peter Obi, Labour Party will fare in 2023 election
A member of the All Progressives Congress (APC) called on the Peoples Democratic Party to tighten their seatbelt ahead of the 2023 general election.
Femi Fani-Kayode warned that the PDP votes in the southeast are already diluted by the flag bearer of the Labour Party.
According to the former minister of aviation, APC has its stronghold in key states of the southeast region.
Tension hits Obidients' camp as child activist drags Peter Obi, Labour Party to court
The 2023 presidential candidate of the Labour Party, Peter Obi, had earlier been dragged to court over the involvement of an underage girl-child in his political campaign in Lagos state.
A child rights activist, Wale Ojo-Lanre filed a suit against Obi's use of a little Chioma Success as a poster girl for his 2023 presidential campaign as illegal, misleading, unlawful, exploitative and abusive.
Ojo-Lanre also demanded N50 million as damages against the first, second and third respondents for the violation of the Child Rights of the underage girl-child.