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‘FG borrowings unproductive’, says Peter Obi

According to the former Governor of Anambra State, Nigeria’s public debt has increased with little or no impact on the country’s economy.

The Labour Party Presidential Aspirant said via his X handle that the Buhari administration incurred huge debt especially with the N30 trillion ways and means from the central bank.

Peter Obi tweeted:

“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.

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