The Nigeria Democratic Congress, NDC, presidential candidate, Peter Obi, has charged Nigeria to emulate South Africa in its borrowing patterns.
Obi gave the charge on Thursday in a post on his verified X handle, noting that borrowing itself is not a bad thing but the transparency is utilising the borrowed funds.
The former Anambra State governor described the South African pattern as what accountable borrowing should look like, noting that the purpose is clear, the projects are identifiable, and the expected benefits to citizens are measurable.
According to him, such investments directly improve living conditions, enhance productivity, and stimulate economic growth.
“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.
“There is a lot to learn in the open and transparent manner in which South Africa handled its recently secured $1 billion loan from the New Development Bank, with a clearly defined purpose.
“This is indeed what accountable borrowing should look like; the purpose is clear, the projects are identifiable, and the expected benefits to citizens are measurable. Such investments directly improve living conditions, enhance productivity, and stimulate economic growth.
“In Nigeria, however, the opposite is the case: public debt has risen dramatically under the current administration, and its deployment is shrouded in secrecy from the people who will
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