The presidential candidate of the Labour Party, Mr. Peter Obi, has cautioned the President Muhammadu Buhari-led Federal Government against further borrowing for consumption.

Obi handed down the words of caution in a series of tweets on his verified twitter handle @PeterObi, yesterday.

He said: “As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in regenerative development projects and other productive ventures.

“It’s ironical that states that received fiscal bailouts did not repay the loans and are still borrowing beyond their revenue earnings.

“Also, it has become imperative to restrict federal borrowings to the statutory 5 per cent of the previous year’s revenue.”

It would be recalled that the Minister of Finance, Zainab , had recently announced that Nigeria’s debt service, which has hit N1.94 trillion, has overshot the nation’s earnings by N310 billion.

This is even as the projected expenditure on fuel subsidies is expected to hit N6.72 trillion by 2023.

incandescentena:
Calm down PeterObi

kenzysmith:
someone that knows the job need to speak up before they start using us the citizens to borrow very soon.

KillSars:
Beer parlor man sef dey talk about regenerative development project, is it the one wey ur state get when u dey govern them?...

Mr man face ur beer and stop making it look as if Nigeria is the next Venezuela..

RapistOnBail:

You no fit smell Aso Rock with the kind hateful mentality your clan get for Nigerians.

Fix the hate amongst your clan and then we can discuss National Politics.

pharmaking:
Don't be in a hurry man.

When Jagaban wins next year, he will be magnanimous in victory as to make you Minister of Labour and Productivity.

Wait for your turn in 2039