Peter Obi, a former governor of Anambra state and a presidential contender for the Labour Party, LP in 2023, has predicted that the national debt might reach N150 trillion by year's end if current borrowing trends continue.
On Monday, Peter Obi made the announcement using his official X Twitter. The news that Nigeria's debt stock has reached N121.86 trillion prompted him to make this declaration.
The fact that multiple billions were borrowed in just three months, he noted in his page post, shows how vital it is for wise management. According to Peter Obi, borrowing money is not a problem if it helps the economy flourish. The nation's economic situation will deteriorate, he warned, if the borrowed monies are spent or misallocated.
The previous governor of Anambra state said the following on his page:
By year's end, the sum will have surpassed N150 trillion if the present borrowing pattern persists. The critical necessity for careful fiscal management is underscored by the fact that several trillions were borrowed in the span of just three months. Keep in mind that the point of borrowing is of utmost importance. Our economic condition may get worse, our debt could get worse, and we would not be able to accomplish long-term economic growth and development if we spent or misallocated the borrowed money.