The former governor of Anambra state and Labour Party, LP candidate in the 2023 presidential election, Peter Obi has stated that if the borrowing trend persists at the current rate, it can surpass N150 trillion by the end of the year.
Peter Obi made the statement on his official X handle on Monday. His statement is coming after he heard that Nigeria's debt stock has hit N121.86 trillion.
In the post that he made on his page, he said the fact that several trillions was borrowed in just three months highlights the urgent need for prudent management. Peter Obi said borrowing is not the issue as long as it is utilized to enhance economic growth. He said If the borrowed funds are used for consumption or misallocated, the economic situation of the nation will get worst.
Here is what the former governor of Anambra state wrote on his page;
"If this borrowing trend continues at the current rate, we can expect the total to surpass N150 trillion by the end of the year. The fact that several trillions was borrowed in just three months highlights the urgent need for prudent management of our finances. It is crucial to recognize that the purpose of borrowing is paramount. If the borrowed funds are used for consumption or misallocated, we risk worsening our economic situation, perpetuating a cycle of debt and hindering our ability to achieve sustainable economic growth and development".