In a candid statement, the Labour Party’s 2023 presidential candidate, Peter Obi, advises President Bola Tinubu to adopt prudent borrowing strategies for national growth instead of indulging in extravagant spending.
Obi criticizes the National Assembly’s readiness to greenlight presidential requests without proper scrutiny, warning of potential economic repercussions akin to the previous administration.
Obi highlights the alarming increase in borrowings, citing a staggering 2700% surge in CBN lending to the Buhari government within seven years.
He expresses concern over the recent approval of a N7.3 trillion securitization, questioning the lack of transparency regarding the purpose of these borrowings.
The former Anambra State governor emphasizes the need for accountability, urging the government to provide specific details on how borrowed funds are allocated to ‘capital expenditure.’
Drawing attention to legal violations, Obi asserts that the continuous securitization of Ways and Means borrowing from the CBN violates the law and the CBN Act’s stipulated borrowing limits.
He warns of the dangers posed to the nation’s economy by accumulating debts without transparent and productive utilization.
In a plea for responsible economic management, Obi calls for a shift beyond political grandstanding, emphasizing the unsustainable pattern of lavish spending funded by excessive borrowing.
He stresses the potential harm to the economy and the burden placed on the populace by an administration seemingly disregarding rational economic principles.
