Peter Obi made a statement on his verified Twitter page on Monday. He said that he has consistently maintained that borrowing is not inherently problematic, as long as it is used for productive purposes that drive economic growth and development. However, a recent report at the end of the first quarter indicates a significant increase in the government's borrowing, reaching a staggering N121.86 trillion. Obi finds this rapid accumulation of debt alarming, and if the current borrowing trend continues, he expects the total to surpass N150 trillion by the end of the year.
Peter Obi wrote this in a post on his verified Twitter page on Monday.
In his words, "I have consistently maintained that borrowing is not inherently problematic, as long as it is utilized for productive purposes that drive economic growth and development. The recent report at the end of the first quarter indicates a significant increase in our government’s borrowing, reaching a staggering N121.86 trillion. This rapid accumulation of debt is alarming, and if this borrowing trend continues at the current rate, we can expect the total to surpass N150 trillion by the end of the year."