Channels television reports that Peter Obi, former governor of Anambra State and a prominent political figure, has called for a detailed breakdown of how borrowed funds have been utilized by the Nigerian government. In a statement issued today, Obi emphasized the need for transparency and accountability in the management of the country’s finances, particularly concerning external and internal loans.
Obi, who has been an outspoken critic of the government's borrowing practices, highlighted the growing concern over Nigeria's rising debt profile. "It is crucial for Nigerians to understand how borrowed funds are being used. Transparency in the utilization of these funds is not only a matter of public interest but also essential for ensuring that the loans are serving their intended purposes," he said.
The former governor pointed out that while borrowing can be a strategic tool for development, mismanagement and lack of transparency can lead to economic instability and burden future generations with debt. "We must ensure that every naira borrowed is used effectively for the projects and initiatives that will drive economic growth and development," Obi added.
Obi's call comes amid increasing scrutiny of the government's borrowing habits, with many Nigerians questioning the impact of these loans on the country's economy. The Federal Government has taken significant loans from international bodies such as the World Bank, International Monetary Fund (IMF), and various bilateral partners, ostensibly to fund infrastructure projects and other development programs.
In response to Obi’s demands, the Ministry of Finance, Budget, and National Planning assured the public that comprehensive reports on the utilization of borrowed funds would be provided. "We are committed to maintaining transparency in our financial operations. Detailed reports on the utilization of borrowed funds will be made available to the public in due course," a spokesperson for the ministry stated