Politician Peter Obi has stated that the reason why Nigeria is facing economic challenges is because of continued mismanagement of borrowed funds and borrowing for consumption.
He said it is the major contributors to monumental economic challenges confronting the country, stating that the country is spending 90% of its servicing debts because borrowed funds were mismanaged and have not been properly invested.
Peter, who had declared intentions to run for president, made this known via his twitter page.
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.
Many countries have built robust economies with borrowed funds. We can do the same if only we enthrone visionary and committed leadership.
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