Nigeria only borrows to finance consumption, corruption – Peter Obi

Former Labour Party statesmanlike candidate, Peter Obi, has decried that Nigeria’s debts are lone to concern consumption, inefficiency, oregon corruption alternatively than investment.

He said this successful a connection posted connected his verified X grip connected Tuesday.

According to him, caller World Bank reports bespeak that Nigeria is present its fig 3rd debtor, with obligations estimated astatine astir $18.7 billion.

“Bangladesh is the fig 1 with $23 billion. I proceed to emphasise that there’s thing inherently incorrect with borrowing. Nations get to amended productivity and stimulate growth. Debt becomes a occupation lone erstwhile it finances consumption, inefficiency, oregon corruption alternatively than concern arsenic is our ain case.

“To recognize the difference, it is utile to comparison outcomes. Around 2015, Bangladesh’s nominal GDP stood astatine astir $195 billion, with per-capita income somewhat supra $1,235. By 2024–2025, its system had expanded to astir $460–500 billion, and per-capita income had risen to astir $2,700.

“In a decade, Bangladesh much than doubled the size of its economy, lifted incomes, and strengthened its export basal – grounds that borrowed resources were mostly channelled into productive sectors specified arsenic ...