Peter Obi, a former Anambra governor and ex-presidential candidate, raised alarm over the federal government’s expenditure of N10 trillion on what he termed “unproductive” debts.
Sharing his concern on his X page on Tuesday, April 2, Obi revealed that in 2023, approximately N10 trillion was allocated to servicing these debts, with N4.4 trillion for domestic debts and $3.5 billion (equivalent to about N4.9 trillion) for external debt.
Obi highlighted the alarming fact that the amount borrowed in a quarter matched what was spent on debt servicing.
He emphasized that each of these figures exceeded the combined budget allocations for critical sectors such as defence, education, health, and infrastructure.
The Debt Management Office (DMO) reported that Nigeria’s total public debt surged to N97.34 trillion, a N9 trillion increase in the fourth quarter of 2023.
Obi expressed concern over the lack of visible impact or investments corresponding to the borrowed funds, as required by law, to foster national development.
He noted the disturbing trend of the escalating debt burden, particularly the addition of about N10 trillion in the last quarter of 2023, bringing the total debt to N97.3 trillion.
Obi criticized the lack of tangible benefits from this borrowing spree, especially considering the large sums, including the over N23 trillion ways and means borrowed by the previous administration, without evident