Obi raises alarm on Nigeria’s borrowing profile, says Nigeria borrows for consumption

Labour Party (LP) presidential candidate in the 2023 general elections, now a member of the African Democratic Congress (ADC), Peter Obi, has raised concerns about Nigeria’s alarming debt profile.

He raised the concerns at the official decamping of the former Labour Party governorship candidate and his running mate in the 2024 Edo State governorship election, Olumide Akpata and Yusuf Kadiri, into the African Democratic Congress in Benin City.

The former Anambra State governor said Nigeria borrows for consumption while her counterparts borrow for production.

“We are committed to a new Nigeria,” he declared. “They might do everything possible to stop us, but our commitment is total. We want to build a country that will work for everybody. It is not working for everybody today.”

He stressed the need to create a nation where merit, not connections, determines success.

“We want to build a country where a child of nobody can be somebody without knowing anybody. It must happen here,” he said.

Obi also addressed Nigeria’s rising debt profile, referencing a recent comparison between Nigeria and Bangladesh.

According to him, while both countries have borrowed from international institutions, the key difference lies in how the funds were utilised.

He noted that in 2015, Bangladesh had a Gross Domestic Product (GDP) of about $195 billion with a per capita income of $1,235. Today, he said, the country’s GDP has grown to about $490 billion, with per capita income rising to $2,700.

By contrast, he stated that Nigeria’s GDP and per capita income have declined significantly within the same period.

“One borrowed and invested in productive sectors and grew. The other borrowed and invested in consumption and collapsed,” Obi said, adding, “We must move this country from consumption to production.”

He urged supporters to remain steadfast despite anticipated political challenges.

“It will not be easy. They are not going to allow us easily. They will do everything to deter us, but we must build the future for ourselves and for our children,” he said.

Obi called on young Nigerians to actively participate in the movement for national transformation, insisting that the vision of a new Nigeria remains achievable.

“We must build a country that works for everybody. It is not working for everybody today. We must build a country where a child of nobody can be somebody without knowing anybody. It must happen here, and that is what is important.

The national leader of the party, Chief John Odigie Oyegun, commended Akpata and his running mate, Kadiri, for deeming it necessary to join the party.

He said the party is on a mission to rescue Nigerians from bad leadership.

Speaking also, Prof. Osarieme Osunbor lamented that those who claimed to be lovers of democracy have proven to have been living a lie.

He said if they are actually democrats, they wouldn’t have turned down the real-time electronic transmission of results, alleging that those who rejected it are bent on rigging the forthcoming general elections, which the ADC will not allow.

On his part, Olumide Akpata said he and his running mate have come to add value to the party.

“Ikpoba Okha Labour Party is fully represented here today. Oredo Labour Party is fully represented here today. Ovia North East is fully represented here today, Etsako West, Etsako East, We don’t have time but our zones are represented here today to show that we have come to add value to the African Democratic Congress. There will be time for more speeches. I just want to say we are grateful.

“Those of us who have come from the party, we are grateful for the warm reception. We thank our leaders,” Akpata said.

He said months ago that some leadership of his former party decamped to the ADC, adding that he and his former running mate have decided to follow their footsteps by joining them in their newfound party, which is the ADC.