Business
Peter Obi, has cautioned the Buhari-led Federal Government against borrowing for consumption
Mohammed O. Taoheed
The Presidential candidate of the Labour Party, Mr. Peter Obi, has cautioned the President Muhammadu Buhari-led Federal Government against further borrowing for consumption.
Obi handed down the words of caution in a series of tweets on his verified twitter handle @PeterObi, on Wednesday.
He said, “As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in regenerative development projects and other productive ventures.
“It’s ironical that states that received fiscal bailouts did not repay the loans and are still borrowing beyond their revenue earnings.
“Also, it has become imperative to restrict federal borrowings to the statutory 5 per cent of the previous year’s revenue.”
Recall that the Minister of Finance, Zainab Ahmed had recently announced that Nigeria’s debt service which has hit NN1.94 trillion, has overshot the nation’s earnings by N310 billion.
-
News5 days agoEFCC slams Edu, Farouq, Shehu, says N32.7bn, $445,000 recovered from humanitarian ministry
-
Politics4 days agoWork On Akaba-Okodi Road Impressive, Says Gov Diri
-
Crime4 days agoOyo State Police Mentions Names Of Who Invaded Oyo Sate Secretariat
-
News4 days agoNigerians Calls On Pastor Enenche Paul To make Apology To his Church Memeber Who He Embarrased While Giving Testimony
-
Entertainment5 days agoJunior Pope: ‘I Blame Myself For Shooting In Asaba’, Adanma Luke Laments
-
News5 days agoREWARD: Police Sets to Award Deserving Officers for Exemplary Performance
-
News3 days agoOkuama: Gov Diri Urges Igbomotoru Residents To Return Home
-
Breaking News5 days agoDSS arrests El-Rufai’s political ally, Aisha Galadima, for criticising Governor Sani
