Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,149,480 members, 7,805,080 topics. Date: Monday, 22 April 2024 at 01:15 PM

Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile (9592 Views)

Peter Obi Cautions FG Against Further Borrowings / Buhari To Reps: I’ll Finance ₦7.4trn Budget Deficit With New Borrowings / Fuel Subsidy: Nigeria Will Pay A Price, Borrowings May Continue – Femi Adesina (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Bobloco: 6:09pm On Apr 02
The former presidential candidate for the Labour Party, Peter Obi has described the Nigerian government borrowings as unproductive.

Obi stated this in a statement via his verified social media handle on Tuesday.

According to him, Nigeria’s public debt keeps increasing with little or no impact on the country’s economy.

The former Anambra governor said the last administration incurred huge debt especially with the N30 trillion ways and means from the central bank.

He said the last administration could have ended the nation’s borrowings, adding that the debt failed to yield value addition to the country.

Obi said, “I remain concerned about our borrowings, considering their galloping situation over the years, and its concomitant effects on the economy.

More worrisome is the fact that there has been no corresponding visible usage or investments as required by the law, to show their impact on the nation.”

Obi’s reaction comes against the backdrop of the country’s debt profile released by the Debt Management Office (DMO) last week.

According to the DMO, Nigeria’s public debt increased by 10 percent hitting N97.3 trillion by the end of 2023.

The Office noted that the N97.3 trillion public debt comprises domestic debt of N59.12 trillion and external debt of N38.22 trillion.

Meanwhile, Obi noted that in 2023, Nigeria spent huge amounts totaling N10 trillion in servicing both domestic and external debt which he described as “unproductive debts”.

The implication is that what we borrowed in a quarter about N10 trillion and what we spend on debt servicing, which is also about N10 trillion, are each more than the combined budgetary allocation for the four highest priority areas, which are; defence (N3.25trn), Education (N2.18trn), Health (1.33trn), and Infrastructure (N1.32trn),” he said.

Obi said the government should “de-accelerate” its borrowings while an assessment of what the previous loans have been used for should be looked into to stem the tide of increasing debt profile.

https://www.vanguardngr.com/2024/04/govt-borrowings-unproductive-peter-obi-rakes-over-nigerias-debt-profile/amp/

41 Likes 3 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by helinues: 6:12pm On Apr 02
Monthly Oyel money have been increased since we stopped fuel subsidy. The debtor states don't have any excuse for not clearing the debts

32 Likes 2 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by helinues: 6:48pm On Apr 02
Nbote:


Stop reasoning like the last syllables of your name which is anus

Could you point out to what's wrong with my comments.

Tell NL's cos I no dey understand why you guys only come online to attack others for no reason. Same thing you did this morning

43 Likes 2 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Nbote(m): 6:53pm On Apr 02
helinues:


Could you point out to what's wrong with my comments.

Tell NL's cos I no dey understand why you guys only come online to attack others for no reason. Same thing you did this morning

What has your comment got to do with the fact that gobt borrowing at all levels so far has proven to be unproductive. Till this minute the govt is yet to explain to Nigerians what the previous govt that campaigned with them did with the ways and means monies.. But yet your response is about states and how their revenue increased over subsidy removal

52 Likes 4 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by opamoses1: 6:57pm On Apr 02
I hope Otti is listening. He has mortgaged the future of Abia state.

19 Likes 4 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Ikaeniyan0: 6:58pm On Apr 02
Peter Obi left Anambra worst than he met it

40 Likes 5 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by guysbewise: 7:05pm On Apr 02
chuksikem:
What exactly is peter obi doing in Anambra state? angry angry

Am confused to say the least, please someone should tell me because the anambra i visited has degenerated so much, cry

MrGlobe:
Nothing exactly my brother. I posted a thread earlier comparing him with Theodore orji of Abia state and everybody agreed he is worse. I went to Awka the capital and it was an eyesore. No roads, no planning, no infrastructure etc. There is absolutely no govt in anambra state.

chuksikem:
Was in awka some days back ,its really shameful, my heart bleeds for my state, from amansea to awka is still the same, pothole riddled roads,non-functioning street lights,refuse littering the entire state capital from arroma junction down to Ziks avenue, ,arthur eze,unizik junction,court road,udoka housing estate etc are still the same, no changes at all, the state capital still looks like a glorified village, angry

Civil servants and pensioners are been owed [b]3MONTHS [/b]salary, so many abandoned projects yet the woman sounding governor is always in abuja 24/7.

Please peter obi's handlers on nl should please enlighten us, angry angry

A state that has the highest number of successful human beings in the entire black nation, it hurts, cry cry

Wish soludo had won , undecided undecided

ifyalways:
Peter Obi can best be described as a curse and bad omen to Anambarians.

When would his tenure evem expire?Oh jees,what a wicked,visionless man.

SamMilla1:
Coincidentally, i asked myself the same question while driving back from Enugu to Onitsha this afternoon, 'what exactly is peter obi doing in anambra state'. I always divert at abba junction on my way from enugu and drove through a smooth single lane road constructed by ngige all the way nkpor and then down to obosi and awada where i stay. All the good roads in the whole state were constructed by ngige before they court-pulled him down and installed a greedy business man. Now his grand beer and malt are booming. While his state is deoriating.

17 Likes 2 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by SmartPolician: 7:06pm On Apr 02
Ikaeniyan0:
Peter Obi left Anambra worst than he met it

It's worse not worst. What kind of school did you people attend in your village?

If I were you, I would spend more time reading my books than defending a man who has mortgaged your future.

68 Likes 8 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by 9jatriot(m): 7:06pm On Apr 02
No event to attend today.

If he is not in one burial, he is in a wedding, if it is not a wedding, it is a birthday, if it is not a birthday it is a naming ceremony. If none of these events are available, he will be on Google looking for the latest bad news about Nigeria.

As soon as he finds one, he logs into Twitter, and even without verifying or checking the context of the news, he makes a tweet.

In all of these, when does he have time to research for possible solutions to the problems he claims he can solve?

Also, Magaret his wife is still a young woman, when does he now have time for her?

He has now ditched the Pentecostal churches he was junking around and he is now trying to woo Muslims.

23 Likes 2 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Jostoman: 7:08pm On Apr 02
Borrow and Share government

13 Likes

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Ikaeniyan0: 7:15pm On Apr 02
SmartPolician:


It's worse not worst. What kind of school did you people attend in your village?

If I were you, I would spend more time reading my books than defending a man who has mortgaged your future.
see this rubbish. My life is more better than yours, you should be worried about your useless life.

6 Likes 1 Share

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by SmartPolician: 7:20pm On Apr 02
Ikaeniyan0:
see this rubbish. My life is more better than yours, you should be worried about your useless life

Didn't they ask you people to take reasoning and grammar tests before you were recruited to work for the ruling party?

45 Likes 3 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Ikaeniyan0: 7:24pm On Apr 02
SmartPolician:


Don't they ask you people to take reasoning and grammar tests before you were recruited to work for the ruling party?
It's recruit not recruited. What kind of school did you people attend in your village?

You should be more worried about your useless life bro

13 Likes 2 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by michlins(m): 7:26pm On Apr 02
opamoses1:
I hope Otti is listening. He has mortgaged the future of Abia state.
DMB has released the states that borrowed and how much they borrowed and Abia State wasn't there but you still pushing a false narrative. If you're arrested for it,it will become tyranny.

Use your brain please

36 Likes 3 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by omenka1: 8:58pm On Apr 02
Dem no go gree listen to you ooo

10 Likes

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Felabrity: 8:58pm On Apr 02
See as that terrorist El Rufai leave his state with debt of half a billion dollars

How he want expect his successor to work with all the debt?

10 Likes

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by DeeNet1: 8:59pm On Apr 02
My own is , in Nigeria, snacks are no longer commonplace; cause money spent now on snacks can buy a full meal before.

2 Likes

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Fr33born(m): 8:59pm On Apr 02
As usual, they will leave the message and start attacking him.

9 Likes

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Kelklein(m): 8:59pm On Apr 02
Nigeria is the only country where government go and borrow money to come and steal..

very bizarre set of people esp the governors..

All of these are largely caused by lack of patriotism and extreme self-centredness in leadership.

Not even the way their colleagues die like chicken teaches them any lessons that all of these stealing is nothing but vanity..

Very hard-hearted set of people we are..

7 Likes 1 Share

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Panda7(m): 9:00pm On Apr 02
..peter obi is not an economist per say. If he had won the presidential election you could imagine the harsh conditions nigerians would have gone through. As a father, would you rather take garri on credit for your children or wait till tomorrow when you have the money to buy?

6 Likes 1 Share

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by clarocuzioo(m): 9:00pm On Apr 02
kk
Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Rich4god(m): 9:00pm On Apr 02
A country that will borrow huge funds and loot it share it in the name of pallaitive ans humanitarian aid.

How do you expect to see anything progressive.

6 Likes 1 Share

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by rinzaugustine: 9:01pm On Apr 02
He is telling the clueless baba Agbado emilokan and pushing into his dumb empty coconut skull that borrowing money to stabilize dollar or sharing palliative is not an economic policy but the good news is that Emilokan have fulfilled one of his electoral promises which is to show his supporters a town hall different from bulaba (buhari) by the time he is done with his supporters, they will feel like they are in an IDP camp

11 Likes 1 Share

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Sonnobax15(m): 9:01pm On Apr 02
lipsrsealed
Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by ogolemati: 9:02pm On Apr 02
grin grin grin grin grin grin grin grin Peter obi leave them ooh ,their criminal supporters benefits from it

10 Likes 1 Share

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Adegoke02: 9:02pm On Apr 02
Peter Obi should just wait till 2031 and let see the miracle he has to perform enough of propagandas...

3 Likes 1 Share

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by MasterJayJay: 9:02pm On Apr 02
Ikaeniyan0:
It's recruit not recruited. What kind of school did you people attend in your village?

You should be more worried about your useless life bro
F9 in English.

Pathetic.

Stop killing English.

24 Likes 2 Shares

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by Dbegining: 9:03pm On Apr 02
This is the truth and nothing but the truth but watch how some idiots will leave the components of the message and say nonsense.

You can't expect much from people like that. People that mentioned recapitalization of bank capital as an achievement of the government. undecided undecided

13 Likes 1 Share

Re: Govt Borrowings Unproductive — Peter Obi Rakes Over Nigeria’s Debt Profile by greenermodels: 9:03pm On Apr 02
Both Buhari and Tinubu are only after their self enrichment, they don't care about the damage they inflict on the economy, after all, their families are based abroad and they would retire abroad at the end of their misrule.

5 Likes

(1) (2) (3) (4) (Reply)

Eko Bridge Repairs Starts August 23, Bridge Won't Be Closed / I Weep Over Women Marginalisation - Dr Ibijoke Sanwo-olu / Nigeria’s Power Supply Drops By 385.65 Megawatts

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 83
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.