Peter Obi Hits FG on Unproductive Loan. Is his claim justifiable?

Peter Obi, 2023 general election, Nigeria news today
Peter Obi
The Presidential candidate of the Labour Party, Mr Peter Obi has condemned the Federal Government of Nigeria over incurring of loans which he described to be "unproductive".

Mr. Peter Obi, in one of his recent tweets, stated that the debt of Nigeria, today, was enough to build more regenerative infrastructure.

In his fact words, Peter Obi said "Sir Tafawa Balewa borrowed $82m to build Kainji dam; 62 years later we still benefit from Kainji dam. Today, we owe a debt that could build 160 Kainji dams. But where are the dams? We have not invested in regenerative projects.

Going by the consideration of some factors, one may resort to deep thinking about the relevance of this claim by Mr Peter Obi.

First, looking at the current value of money, $82m in 62 years ago could not be spent on the same project, today, and get it completed.

Besides, whatever the amount of debt that Nigeria owes today, Mr Peter Obi could not exonerate himself from the burden that it may bring on the citizens. This is because he was a member of the Nigeria Economy and Council under the administration of former President Goodluck Ebele Jonathan. One would be worried about why Mr Peter Obi could not convince Jonathan's Economic Team to build as much regenerative dams?

Not only that, the current administration of Muhammadu Buhari may have its downsides, but he has considerably performed better in the area of building regenerative projects which may include the Second Niger Bridge in Anambra State, various Rail Projects across the nation, Roads Constructions and provision of financial supports to businesses across various levels.

To be precise, can we digest the projects constructed by Mr Peter Obi in Anambra State when he was the governor of the state for good eight years to qualify him with quality to assess productivity of a project?

Category: Forum
Tag: Peter Obi 2023 general election Nigeria news today
Written by Nicolas Smith (nicolas)
Published 2/5/2023 2:16:50 PM

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