Former governor of Anambra state, Peter Obi, says Nigeria has nothing to show for all the funds it has been borrowing for years.
Obi was reacting to the senate’s approval of the $22.7 billion roan request by President Muhammadu Buhari.
Speaking while on a television programme, Obi said all previous borrowings have had no positive impact on Nigeria’s economy.
He said the more the country borrows, the worse the economic projections.
According to him, this is because the government has been borrowing “recklessly for consumption”, with no clear cut business plan on how to spend the fund or invest it to generate money for repayment.
Commenting on the United Nations Conference on Trade and Development’s report that Nigeria recorded a 36% decline in foreign direct investment in 2018, Obi said investors are “running away” from the country over issues of insecurity and lawlessness.
He described the situation, coupled with the fall in oil prices owing to the coronavirus outbreak, as dire.
He advised the federal government to cut down on expenses while accusing political leaders of not addressing the situation.