The Presidential Candidate of the Labour Party, Mr. Peter Obi says, Nigeria must as a matter of urgency stop borrowing for consumption.

The former Governor of Anambra State stated this on his official Twitter handle.

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As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in regenerative development projects and other productive ventures.

It’s ironical that States that received fiscal bailouts did not invest them properly; did not repay the loans and are still borrowing beyond their revenue earnings.

Also, it has become imperative to restrict Federal borrowings to the statutory 5% of the previous year’s revenue. – PO