BUSINESS DAY
Peter Obi, a former presidential candidate, has warned that Nigeria’s accumulated debt profile may surpass N150 trillion by the end of this year if not properly managed.
He argued that “borrowing is not inherently problematic” inasmuch as its essence is to boost productivity and enhance economic growth and development.
Obi raised the alarm in a series of tweets on his X handle on Monday, asserting that the volume of borrowings recorded in the first quarter of 2024 calls for prudent management of government finances.
“The recent report at the end of the first quarter indicates a significant increase in our government’s borrowing, reaching a staggering N121.86 trillion,” Obi said.
“This rapid accumulation of debt is alarming, and if this borrowing trend continues at the current rate, we can expect the total to surpass N150 trillion by the end of the year,” he added.
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