2023 Presidency: Peter Obi Speaks on Federal Borrowing, Reveals How It Should Be Spent

2023 Presidency: Peter Obi Speaks on Federal Borrowing, Reveals How It Should Be Spent

  • For the presidential candidate of the Labour Party, Peter Obi, Nigerians deserve the best going forward
  • In the buildup of the 2023 general elections, Peter Obi speaks on his plans for Nigerians and the country going debt free
  • The former governor of Anambra state maintained that federal borrowing should not be used strictly for production

The presidential candidate of the Labour Party, Peter Obi, has explained his consumption to production theory, which is the punchline for his presidential campaign.

On Wednesday, November 30, Obi said federal borrowing for consumption must stop and be channelled into regenerative projects adding that if elected, his administration would reduce the cost of governance in the country.

Labour Party, Peter Obi, consumption to production theory, federal borrowing
Peter Obi reveals how federal borrowing can be used for the growth of the nation's economy. Photo credit: Mr. Peter Obi
Source: Facebook

Peter Obi reveals how borrowed funds should be spent

He further added that the country must look beyond oil and look forward to growth-enabling entrepreneurship by expanding physical infrastructure through market-driven reforms, The Punch reported.

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Obi said,

“We therefore intend to leapfrog Nigeria from oil to the Fourth Industrial Revolution by expanding physical infrastructure through market-driven reforms that will unleash growth-enabling entrepreneurship and market-creating innovations.
“We shall pursue a drastic reduction in cost of governance and corruption, improve ease of doing business to attract Foreign Direct Investment to jumpstart industrialisation and when borrowing is unavoidable, it will be strictly for production.”

Obi speaks on plans for Nigerians

The statement further explained the consumption-to-production theory stating that “the concept entails that the country ensures sustainability and resilience, and stop borrowing for consumption and channel all loans to be invested in regenerative projects.

“The thrust of the Obi-Datti presidency if hired by Nigerians will be on agriculture and production-centered growth for food security and export, with more emphasis on exporting finished products instead of commodities and raw materials,” the statement explained.

Peter Obi's supporter climbs Mount Kilimanjaro to place Labour Party's flag

Recall that a supporter of Obi, Gershon Ogbuluijah climbed Africa’s tallest mountain, Mount Kilimanjaro, for 10 and a half hours to place a Labour Party's flag there.

Ogbuluijah, 62, who is from Ataba Kingdomi in Andoni local government area of Rivers state also posted a video of himself when he reached the peak of the mountain.

Mount Kilimanjaro is the highest mountain in Africa and the highest single free-standing mountain above sea level in the world

Debt stock: Nigeria's most indebted geopolitical zones in 2022

Recall that Legit.ng reported that according to data from the Debt Management Office (DMO), Nigeria's total debt stock has hit over N41 trillion as of March 2021.

The breakdown of the debt, tabulated by Legit.ng shows that the various states in Nigeria contribute immensely to the national debt stock.

According to reports, Nigeria's total public debt stock rose from N39.56 trillion in December 2021 to N41.60 trillion, $100.07 billion in the first three months of 2022, January to March, the Debt Management Office (DMO) revealed yesterday.

Source: Legit.ng

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