Peter Obi: Nigeria's Debt Issue is Fund Mismanagement

Peter Obi, the Labour Party's presidential candidate for the 2023 elections, addressed Nigeria's escalating debt burden, asserting that the primary concern is not borrowing but rather the mismanagement of funds. He highlighted that Nigeria's debt, approximately $18.7 billion, places it as the world's third-largest debtor, following Bangladesh, which has a debt of $23 billion.

Obi argued that borrowing is not inherently wrong if the funds are utilized to improve productivity and stimulate growth. He compared Nigeria's economic trajectory with that of Bangladesh, noting that in 2015, Bangladesh's GDP was roughly $195 billion with a per capita income of $1,235, while Nigeria's GDP has fallen to $490 billion with a per capita income dropping to between $850 and $1,000.

Obi concluded that Nigeria's total public debt is projected to increase to N153.29 trillion by September 30, 2025, emphasizing that loans should translate into productive investments rather than consumption.