The 2023 Labour Party presidential candidate, Peter Obi, has called on the Nigerian Government to end fiscal rascality, especially with uncontrolled and unexplained borrowing that is not being invested in the productive sectors of the nation.
Obi made the call in a post on his verified X handle on
Friday, lamenting over the planned borrowing by the Federal Government.
“Today, Nigerians woke up again to the troubling news that
the Federal Government is planning to borrow about ₦20 trillion in new loans to
finance the 2026 budget. This is at a time when debt servicing alone is
projected to gulp nearly half of our national revenue, and when our borrowing
requirement has surged by over 72%.
“At a time when Nigerians are struggling under unprecedented
hardship, insecurity, and unemployment, we must ask the most important and
logical questions: Where is the revenue from 2025?
“How can we be discussing trillions in new borrowing for
2026 when we are still implementing the 2024 budget? One is genuinely worried.
This suggests, very clearly, that the 2025 budget is still untouched and
unimplemented.
“So, where are all the revenues that accrued in 2025, even
when we were told that we had surpassed the revenue targets since August?
“It is time for us to stop this fiscal rascality, especially
with uncontrolled and unexplained borrowing that is not being invested in the
productive sectors of our nation, but instead ends up in consumption.
“We cannot keep mortgaging the future of our children
through thoughtless borrowing. We cannot continue this way.
“For years, I have consistently maintained that Nigeria
cannot borrow its way into prosperity. Nations do not develop by consuming more
than they produce. They develop by producing, exporting, and creating value,
while building strong institutions that ensure accountability and efficient use
of public funds.
“We cannot tell Nigerians that revenue is increasing while
simultaneously increasing borrowing to ridiculous historic levels. Governance
must be built on transparency, not propaganda.
“We cannot build a new Nigeria on the foundation of
misleading figures, rising debts, shrinking production, and continuous
hardship. Our nation must move forward,” he said.
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