Buhari Govt’s Mismanagement Of Borrowed Funds Responsible For Nigeria’s Economic Challenges – Peter Obi

Former governor of Anambra state, Peter Obi, has said that the Buhari government is mismanaging borrowed funds, stressing that, it is the major reason for Nigeria’s present economic challenges.

Obi, who was the Vice Presidential candidate of the Peoples Democratic Party (PDP) in 2019 noted that there is nothing wrong with borrowing but called for a law that will ensure that monies borrowed are judiciously spent.

In a series of tweets on Thursday, Peter Obi said, “Our past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria today.

“Today, we are spending 90% of our revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not been properly invested.

“If the funds borrowed were invested in critical areas of development, education, health and poverty alleviation, Nigeria would have developed far beyond what it is today.

“There is nothing wrong with borrowing. But what we need to do is to put a law in place that if we must borrow, it must strictly be for investment in areas of growth.

“Many countries have built robust economies with borrowed funds. We can do the same if only we enthrone visionary and committed leadership,” he added.