Photo: Mr Peter Obi
By: Daniel Kanu
Former Anambra State governor and Labour Party presidential candidate in the 2023 election, Peter Obi, has expressed concern over Nigeria’s rising debt servicing profile, warning that it poses a serious threat to the country’s development and economic growth.
Obi stated that the increasing proportion of government revenue being used to service debts was limiting investments in critical sectors such as education, healthcare, infrastructure and poverty alleviation.
According to him, a nation cannot achieve meaningful development when a significant percentage of its earnings is tied to debt repayment instead of productive investments that directly improve the lives of citizens.
The former governor noted that Nigeria’s current economic realities, including inflation, unemployment and declining purchasing power, require prudent management of public resources and a reduction in wasteful spending.
He stressed the need for leaders at all levels to embrace transparency, accountability and fiscal discipline in order to restore confidence in the economy and create sustainable growth.
Obi also called for increased support for the productive sectors of the economy, especially agriculture, manufacturing and small businesses, saying these areas remain vital for job creation and national prosperity.
He urged the Federal Government to prioritise policies that would expand revenue generation without placing additional hardship on citizens, while also ensuring that borrowed funds are channelled into projects capable of stimulating economic growth and improving living standards.
The former presidential candidate maintained that unless urgent measures are taken to address the nation’s growing debt burden, future generations could face severe economic challenges and limited development opportunities.
