Speaking on Friday in an interview with NigeriaInfo FM, Obi said Nigeria’s borrowing pattern needs to change, adding that there is nothing wrong with taking loans.“The reason why we got to the stage where we are using 98 percent to service debt is that the debt you borrowed was not productive. We didn’t put it into productive assets. So, it was consumed. So, when you borrow money and consume it, your service debt increases,” he said.“I have given these examples everywhere.
“Let me use Japan, Japan is owing 230 percent of their GDP, but per capita in Japan is still about $48,000 because the money they borrowed was meant to help build a better economy. It was well invested; it was to save the country from collapsing. “Most of the money was domestic investment, and Japan is still the highest holder of US treasuries. Singapore, aside every day, people don’t even know Singapore more than 100% of its GDP in debt. Singapore’s debt is not affected; per capita of Singapore because they have a law that says for every money you borrow, it must be for investment in the future.“But here, we borrow it, and we consume it.
While commenting on the need for accountability, he said the masses need to show courage and hold government officials accountable.
Source: News Formal (newsformal.com)
PeterObi Yes, what investment will those borrowed money construction will attract? when more than fifty percent of the funds were diverted and the inflation and many issues, which investor will come?
PeterObi A blind man followed by a blind followers 😆 Buhari don dey do this nah bring another scope.
PeterObi Know this, but... I don't see Bola Tinubu becoming the next Nigerian President nor Atiku nor Peter Obi or Sowore or Kwankwaso. I see Jonathan coming in again as Nigeria' President. Well, I don't know how but I see Jonathan in the Aso Rock in the year 2023. Vision 2023 🇳🇬
PeterObi Buhari has been using the ones he borrowed for Ofala festival abi? This man is far from reality sha.
PeterObi Investment like Hero beer with negative 1000% return on investment. Ode. Like Obi, like supporters.
PeterObi Lagos Ibadan expressway Lagos - Kano rail Bonny - Bodo Bridge Lagos/Ibadan railway 2nd Niger bridge All these projects would in turn attract investments. Do you think this govt would make the kind of next-to-nothing investment you made as governor? Oga rest
PeterObi You once said we don’t need to borrow.