Peter Obi, former Anambra Governor, has disclosed why most Nigerians are suffering under the Muhammadu Buhari-led government.
Obi In a tweet via his Twitter account on Thursday, noted that Nigerians are facing economic woes due to the continued mismanagement of borrowed funds by politicians.
He added that continuous borrowing for consumption by the present government is one of the major factors of the monumental economic crisis facing the country.
The former vice presidential candidate of the Peoples Democratic Party (PDP) supported the government borrowing, but stressed that such borrowed funds should be used wisely to impact the lives of Nigerians.
The former governor, therefore, called on the federal government to enact a law to regulate borrowing and the misuse of any borrowed funds.
He wrote: “There is nothing wrong with borrowing. But what we need to do is to put a law in place that if we must borrow, it must strictly be for investment in areas of growth.
“Our past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria today.
“Today, we are spending 90% of our revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not been properly invested.
“If the funds borrowed were invested in critical areas of development, education, health and poverty alleviation, Nigeria would have developed far beyond what it is today.
“Many countries have built robust economies with borrowed funds. We can do the same if only we enthrone visionary and committed leadership.”
