Mr. Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), has criticised the Bola Tinubu administration over Nigeria’s rising debt profile, saying the country’s public debt has climbed to nearly N200 trillion without sufficient accountability on how borrowed funds are being utilised.
In a statement on Thursday, Obi said borrowing is not inherently bad but must be tied to clearly defined projects with measurable benefits for citizens.
His words: “I have consistently maintained that borrowing, in itself, is not a bad thing. Every nation borrows. The critical issue is not the act of borrowing, but what the borrowed funds are used for and whether citizens can clearly see and measure the impact of such borrowing in their daily lives.”
Obi said Nigeria could learn from South Africa’s handling of a recently secured $1 billion loan from the New Development Bank.
According to him, the South African government publicly outlined
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