Peter Obi a former governor of Anambra State and a former VP candidate of PDP, has spoken on the need to use borrowed funds to build robust economy.
Peter Obi said that if we continue to mismanage borrowed funds and also borrow for consumption, it will result in the monumental economic challenge, which is confronting our nation today.
Obi went on to say that 90% of our revenue goes into debt serving because of mismanagement in borrowed funds, which have not been properly invested.
Mr Peter Obi took to his twitter handle to say that,
“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.”
“Many countries have built robust economies with borrowed funds. We can do the same if only we enthrone visionary and committed leadership. “