More

    All monies borrowed since 2015 wasted – Obi

    Published By:

    The Labour Party (LP) presidential candidate Peter Obi, has said that all the monies borrowed since 2015 for the improvement of the country were wasted.

    The former Anambra State governor stated this while speaking at the Chatham House in London on Monday.

    Obi said, “There’s nothing wrong in borrowing. Borrowing is legitimate and every government I’ve studied in the world borrows, even Britain as we speak owes 70 per cent of their GDP. Every government I know, lives on borrowing.

    “Norway, with $1.4 trillion sovereign wealth, is owing. The economies of the world, even the biggest economy in the world, America, is owing almost 100 per cent of their GDP. The second largest economy, China, is owing almost 70 per cent, while Japan is owing over 230 per cent of their GDP. But let me tell you the difference.

    “Japan is owing 230 per cent of their GDP but they invested the money to save their economy and even with that, Japan is still the largest holder of the US treasuries, so there’s something they can fall back on. So borrowing is not wrong.

    “But what has happened is that when you borrow for consumption, you have a crisis. Nigeria in 2015 had a per capita income of $2,500, we were owing about N15tn. Today, with central bank’s ways and means, we are owing about N75tn, so we have grown that debt profile by over 400 per cent. That means that the money we borrowed was thrown away.”

    Obi further said he would fight corruption to ensure that Nigeria becomes a country where its citizens are proud to hold its passport and foreign investment thrives.

    “We will fight and stop corruption. The first thing about stopping corruption is yourself, if you’re not involved, your wife, family is not involved, those around you are not involved, then you will lose it by over 50 per cent. We are committed, we can’t disappoint these youths, we must build a new Nigeria.

    “Investors will come back, those who left and those who are leaving will come back, we want to bring them back. Nigerians are prepared to come back if they can find that they have a country to go back too. This green passport, Nigerians must be proud to use it again.”

    ADVERTISEMENT
    Queen Ferry
    Queen Ferry
    Chinyere Treasure Ikechukwu known professionally as Queen Ferry, is a Nigerian business Executive, Journalist and Content Editor. She serves as the Vice-Chairman of Naijatraffic Limited and also the CEO of Wakadaily. If Treasure is not blogging, she will be making delicious delicacy.

    Most Popular Read

    Edo Boy Billion Biography

    Seyi Okojie (born on 15 September 1997) is a super-talented Nigerian comedian popularly known by his stage name Edo boy billions. He originally hails...

    Laycon Biography: Full Name, Age, Facts, Education, Record Label, Career, Awards, Songs, Net Worth

    Olamilekan Massoud Al-Khalifah Agbeleshebioba (born 8 November 1993) Better known as Laycon is a Nigerian media personality, rapper, singer, songwriter, and actor. He emerged as...

    BBNaija Phyna reveals why she had 2 abortions at age 19, 24

    Big Brother Naija season 7 winner, Ijeoma Otabor, popularly known as Phyna, has admitted to having had two abortions. The Reality TV star revealed this in...

    BBTitans: I am bisexual, I don’t enjoy sex – Nana

    Big Brother Titans housemate, Nana has revealed that she doesn't enjoy sex, adding that she is bisexual and had done a lot of dirty...

    Justin Dean threatens to sue Korra Obidi over her newly released tell-all book

    Popular dancer and singer Korra Obidi’s husband Dr Justin Dean threatened to sue her over her newly released tell-all book. Wakadaily learnt that Korra recently...

    I’m ready to work with Obi, Kwankwaso, says Atiku

    The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has said he is in talk with the candidates of the New Nigerian People...

    Iyabo Ojo’s daughter, Priscilla lists 45 reasons why she loves her on her 45th birthday

    Priscilla, daughter of Nollywood actress, Iyabo Ojo, has listed 45 reasons why she loves her mom on her 45th birthday. The 21-year-old highlighted her mother’s...

    BBTitans: Why i was evicted – Sandra 

    Evicted Big Brother Titans housemate, Sandra Essiene, has explained reasons why she was evicted from the reality show. While speaking with Journalists, Sandra BBTitans blamed...

    Gospelvics Biography: Full Name, Age, Education, Career, Net Worth

    Victor Fidelis Ameh (born on 10th October 1997) professionally known by his stage name Gospelvics also known as Spanner is a Nigerian comedian, Singer,...

    Peace Olayemi Biography: Age, Education, Career

    Peace Olayemi known by her Twitter handle as Peacehochub is an endowed Nigerian entertainer, influencer, model, and p*rn star. She is a figure who claimed...