NEWS
Peter Obi says Nigeria suffers as a result of mismanaged funds
A former vice-presidential candidate of the Peoples Democratic Party (PDP), Peter Obi, has said that past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria.
He said this on Thursday via a series of tweets on his official Twitter handle, @PeterObi.
Obi, a former governor, Anambra State, said Nigeria uses 90% of her revenue servicing debts because borrowed funds were mismanaged and not properly invested.
He tweeted: “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.”
Peter Obi was born on 19 July 1961 at Onitsha. He attended Christ the King College, Onitsha, where he completed his secondary school education. He was admitted to the University of Nigeria, Nsukka, in 1980, graduating with a B.A (Hons) in philosophy in 1984.
